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.