If you're in a free falling elevator that happens to have a scale, how much do you weigh in the free falling elevator?Yeah on Earth but on the ISS, for example, you cannot just stand in a scale.
You're right on the concept. "Weightlessness" just means you're weightless relative to your surroundings.
As long as your surroundings are reacting exactly the same as you, free falling due to gravity, whether the free fall happens to be straight down or have so much tangential motion that you constantly miss the Earth, then you're weightless.
However, it doesn't have anything to do with circular motion around the Earth. You'd still be weightless if you were in a spaceship that was in an elliptical orbit, as well. In fact, the ISS is virtually always at least slightly elliptical, since no orbits can be perfectly circular around an oblate Earth (the Earth bulges around the equator).