It won't necessarily support Ethernet I don't think - as you say, 1.4 shouldn't be used to describe a cable - it should say High Speed with Ethernet if it does support it. However, a quick check on the QED website (
link) shows the QED Profile cable has the High Speed with Ethernet badge next to it, so this shows it does.
Whoever is advertising it as a "1.4 cable" should be contacted and told to stop (assuming it's a company) as this is misleading.