That's also supported by its Japanese name, Kamitsurugi (カミツルギ). I'm seeing that kami written as 紙 means "paper" while kami written as 神 means "deity" or "God". "Tsurugi" written as 剣 means "sword". So it could either mean "paper sword" or "deity/God sword". Or maybe even "paper deity/God sword". Hard to say, really.
I'm also seeing "kartana" is Sanskrit for "cutting" (written as कर्तन), which is also a fitting meaning. It should also be noted that Kartana is currently the only Pokemon that learns Cut by level up, and many of its other level up moves involve cutting or slashing (Air Cutter, Razor Leaf and Sacred Sword to name a few). Man, GameFreak REALLY thought this out. And some fans say they're running out of ideas.