It absolutely can be either and is not so clear cut as responders are claiming.

Weather its ‘print working directory’ or ‘present working directory’ depends on the source you ask, and ultimately they have the same meaning so it really doesn’t matter which you use.

Whenever pwd is used as a variable, ‘present’ is more logical than ‘print’.

https://qmacro.org/blog/posts/2020/11/08/the-myriad-meanings-of-pwd-in-unix-systems/