No, TurboTax is talking about two different taxes. It means you do not have any taxable income, so your income tax is 0. But self-employment tax does not depend on your taxable income. Instead it is applied to your net business income/profit. Why am I paying self-employment tax?
If your total net business income is 10K (after business expenses) - you would not have a tax liability since your standard deduction would reduce your income to zero. But you would still owe the self-employment tax on the 10K. Self-employment tax and income tax are two separate taxes. You can owe self-employment tax even if you don't need to pay income tax.
The self-employment tax (officially known as the SECA tax for Self-Employment Contributions Act tax) is the self-employed person's version of the FICA (Federal Insurance Contributions Act) tax paid by employers and employees for Social Security and Medicare, and it's due on 92.35% of your net earnings from self-employment.
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