How funny. I have been called a "workaholic" before, which perplexed me because tbh I can be quite a bum [and I often am, as evidenced by my hundreds of posts here]. The person who said it was looking at how much I seem to work and at how much I produce, not at how much actual work/effort I put forth. That sounds bad, but oh well. I think maybe that perception also has to do with being fairly productive even during downtime [making things, fixing things, studying things, etc. = downtime for me].
Right now, a person who looks at "all I do" might wonder if I am a workaholic, but if they saw all the sitting around and relaxing I do they would change their mind quickly
For example, right now I have two jobs [for the last year I've had three, so this is a step down], I'm writing my Master's thesis, and I play a competitive sport... but the jobs are enjoyable and not especially taxing, and I would never describe myself as a workaholic [at least not to people who are not potential employers, haha] and I don't spend all my time working on those things - in fact I spend as little time as possible on them when I'm at home.
Eh, I hope that answers your question. Overall I would say, look at how much they're actually [over?]extending themselves in the things they do - if they just have a lot going on and seem to keep busy, I'd say it's more likely they are just living and doing their thing than being actual workaholics.