Yes - I don't know Welsh but I think I read somewhere that it means the Brotherhood. It was a reaction against the Saxons calling them "Welsh" which as has been mentioned before was a slighting term for "foreigner" and then "serf". This illustrates the point that people don't give themselves a name before others do and not before they have a national identity.

Wales became the lands of the Welsh and extended right up to Strathclyde. Cumbria or Cumberland has the same root word - Cymbri

In what was to become England, native populations survived and towns and villages with "Wal" in their name indicate this. eg Walton and Walden

Not to be confused with "Walt" which means woodland as in Waltham.