This phrase often implies an ironic situation where the title doesn't match the reality. He calls himself a chef in name only; he can barely boil water.
Pro Tip 2/3
Not Just Titles
Can be used for situations, not just for people with certain titles. Their team is a champion in name only; they haven't won a game all season.
Pro Tip 3/3
Contrasting Meaning
It draws a contrast between expectation from a name and the actual situation. On paper, she is the manager in name only, as all decisions are made by her assistant.