In a sense, yes, it's an averaging. If you try to send just one electron down a wire, you'll find that its motion is almost completely random -- moving at hundreds of thousands of meters per second in random directions due to its own thermal energy and collisions with the metal atoms. Its motion is almost entirely dominated by thermal energy, and it just barely drifts down the wire at all, at a leisurely couple of centimeters per hour.
On the other hand, if you observe not just one electron, but billions, you can make a very accurate calculation of the number of electrons passing a specific point in the wire every second, or of the average velocity of those electrons.
- Warren