It is a solution, but typically we tend to declare one of the components as the "solvent". Normally, the "solvent" is the thing into which you have dissolved the solute, so in that view, it would depend on if you had added the water to the ethanol, or ethanol to the water. We tend to also look at which is added in terms of proportion: the solvent (the thing which is diluted by addition) would be the dominant component (alcohol in this case). A third way of declaring the solvent (rather than the solute) is the saturation limit problem: a thing cannot be the solvent if it has a solubility limit.
When you have total miscibility, though, we don't actually declare either endmember as the solvent or solute. They make a solution. A binary (or ternary, or whatever) solution.