It's murkier than that. Speculation also deals with the order in which instructions can be executed. Take for example memory ordering (discussed in a mini essay elsewhere here): we typically speculate that all loads are unrelated to any other older in-flight stores with unresolved addresses so that we can optimistically launch them. This is not a control flow issue but it is something we both speculate and predict (memory dependence predictors!) despite the next PC being essentially deterministic.
It's murkier than that. Speculation also deals with the order in which instructions can be executed. Take for example memory ordering (discussed in a mini essay elsewhere here): we typically speculate that all loads are unrelated to any other older in-flight stores with unresolved addresses so that we can optimistically launch them. This is not a control flow issue but it is something we both speculate and predict (memory dependence predictors!) despite the next PC being essentially deterministic.