You are correct: 1 means “full load”, and everything above it means your system is overloaded. A load of 2.5 means that (on average) 2.5 processes are waiting to be assigned a CPU time slice.
It’s a bit confusing that in Insights, the “load average” value is used (where 1 = full load), but in the mobile Homey app, a percentage is used (which, AFAIK, is basically the load value * 100).
I don’t think there is.
