Functionally you are correct, the drive strength is your maximum available current output, however it is typically not used (and I guess designed for) as you would use a discrete current limiter, thus you need to be careful about what you do.
The typical application is to limit the slew rate on digital signals/interfaces for signal integrity reasons, you might not want an I2C bus for example to have a sub nanosecond edge, as it only complicates your EMI compliance without benefits. A high speed serial communication line on the other end might need all the speed it can get to keep as much margin as possible. In all these applications the limiter circuit is only working for a very small time window (when switching only), thus the thermal and power design for the whole FPGA is done with that in mind
Now in your application you have to keep in mind this last thing, so if you want to use it for some sort of alarm/warning LED that is very rarely on, it might work, if you want to drive directly a bar graph meter (like the audio level meters with 10-12 leds), that might not be the best idea ever
All in all you need to respect the datasheet limits on maximum per pin, per bank and per chip power draw limits, and having an X mA constant load on a single pin might significantly cut into your budget. The same consideration do apply for thermal