Yes. Both of the OSI and TCP/IP models are pretty old at this stage, and the TCP/IP model was created more specifically to "operate" with the IP protocol suite (the TCP/IP model slightly predates the OSI model). The OSI model was created by the ISO (International organization) and TCP/IP model was created by the U.S. and is maintained by the IETF. Even if TCP/IP didn't turn out to be the predominant protocol suite used on the Internet as we know it, with things like Moore's law and increasingly complex applications/protocols that can span multiple layers, the OSI model is becoming somewhat obsolete.
The reason why layers 7, 6 and 5 are all crammed into the Application layer in the TCP/IP model is that the folks that created the TCP/IP model believed that those responsibilities should be handled by the application itself, rather than within neatly laid out abstraction layers (thus helping to ease potential confusion that your question calls out).