CTO: I talk to my CEO and work out how technology can improve our business. Then I design what we're going to build, build it, and set it up to run on our servers.
If you're a CTO, do you actually do the things you claim in your second sentence, or do you tell others to do those things? I would expect the latter unless you're in a very small company, in which case "CTO" is probably an exaggerated title. (Eg: it really means "the tech guy" but you're incorporated so CTO is technically accurate.)
One of my pet peeves has always been managers describing what they do in terms of the work done by their reports rather than what they actually do themselves. It's not like managing isn't a lot of work, at least not for good managers. Why do managers take credit for others work instead of saying that they manage a team who accomplished X, Y, and Z?
I actually do all those things. I've had interns but I'm the only full time tech guy. The company is 4-6 people right now, depending on how you count. You can call my title exaggerated if you like, but I don't know what else I would call my job.
Also, I'm 24 and I have a master's in CS...I'm not a "manager" in the sense I think you're thinking.
I would call your title exaggerated yet accurate. It's the nature of a small group of people forming a Corporation; you get titles that sound big when they're really not, at least not yet. There's a huge difference between being a CTO of company with hundreds or thousands of employees vs being a CTO of a company with six employees.
Now I've never been a CTO at all, so I'm not trying to disparage you. I hope your company grows and you get the chance to grow into the title. Good luck!