That's one way of putting it, though kind of specific to current discourse. You might also say the "illusion" that a central bank is just a bank. You could say the the "illusion" is that banks are firms, providing financial services for profit like any other type of service.

In times past, the "illusion" was that banks are "fully backed and solvent." It's hard to pin down exactly what the "deception" is. Almost always, it involves surprisingly moralistic language.

Our generations' "bailout story" is that bailouts are necessary for stability. But... the problem with bailouts is "moral hazard," which in current language means specifically "externalized long-tail risk." These moral hazards are what (in the current story) cause bank failures in the first place. The business cycle has been reduced to a banking cycle, and it's now described as a cycle of moral failures.

In truly modern (postmodern?) fashion, these days everyone sees that there's a lie, but no one agrees on what the lie is.