An infinite series is $\sum_{n=1}^{\infty} a_{n}$
This expression is equivalent to $\lim_{N->\infty}\sum_{n=1}^{N} a_{n}$
Does this mean that an infinite series is nothing but a limit, rather than an actual sum?
An infinite series is $\sum_{n=1}^{\infty} a_{n}$
This expression is equivalent to $\lim_{N->\infty}\sum_{n=1}^{N} a_{n}$
Does this mean that an infinite series is nothing but a limit, rather than an actual sum?
Yup. If $s_N=\sum_{n=1}^Na_n$, then $\sum_{n\geq 1}a_n=\lim_{N\to +\infty}s_N$, as you pointed. So you can apply general theorems about sequences to series, if you adapt them accordingly to your needs.
There are two cases :
$1) $the series converges which means that
$$\lim_{N\to+\infty}\sum_{k=k_0}^Na_k \in\mathbb R (=L)$$
and we write $$\sum_{k=k_0}^{+\infty}a_k=L $$
$2) $the series diverges and it has no sense to write $$\sum_{k=k_0}^{+\infty}a_k. $$
To answer the question:
Yes, a series is defined as a limit.
$$\sum_{n=1}^\infty a_n:=\lim_{N\to\infty}\sum_{n=1}^Na_n$$
To answer some of your comments:
No, you cannot think of this as an infinite summation, for it does not obey the rules of normal addition. As I recently showed,
$$\begin{align}0&=\color{#4488ee}{\frac11}-\frac11+\color{#4488ee}{\frac12}-\frac12+\color{#44ee88}{\frac13}-\frac13+\color{#44ee88}{\frac14}-\frac14+\color{orange}{\frac15}-\frac15+\color{orange}{\frac16}-\frac16+\dots\\&\stackrel?=\color{#4488ee}{\frac11+\frac12}-\frac11+\color{#44ee88}{\frac13+\frac14}-\frac12+\color{orange}{\frac15+\frac16}-\frac13+\frac17+\frac18-\frac14+\dots\\&\stackrel?=\frac11+\left(\frac12-\frac11\right)+\frac13+\left(\frac14-\frac12\right)+\frac15+\left(\frac16-\frac13\right)+\frac17+\left(\frac18-\frac14\right)+\dots\\&\stackrel?=\frac11-\frac12+\frac13-\frac14+\frac16-\frac14+\dots\\&\stackrel?=\ln(2)\end{align}$$
But clearly $0\ne\ln(2)$.
Notice however, that if you use the definition with the limit, then it is not possible to do all of the above steps... I'll leave it for readers to find which steps are not possible.
As a side note, there are other interesting ways to define an infinite series. These are called regularizations, and one such example:
This can be used to yield funky things like
$$\begin{align}\sum_{n=0}^\infty(-1)^n&=\lim_{x\to1^-}\left[\lim_{N\to\infty}\sum_{n=0}^N(-1)^nx^n\right]\\&=\lim_{x\to1^-}\left[\lim_{N\to\infty}\frac{1-(-x)^{N+1}}{1+x}\right]\\&=\lim_{x\to1^-}\left[\frac1{1+x}\right]\\&=\frac12\end{align}$$
noting that $\lim_{N\to\infty}(-x)^{N+1}=0$ when $|x|<1$, which holds for $x$ close to $1$ on the left hand side.
where the equality is only true after regularization, since the original series does not converge in the normal sense.