I believe the "V" in CV is the same as the "V" in all the Navy squadron codes. For example: VF-17 or VA-196.
The "V" is used to indicate the unit is operating heavier-than-air aircraft.
So a CV is a carrier of heavier-than-air aircraft.
I heard the same thing and I believe that is correct in the earlier period when the CV's first came out. I have seen reference to the V standing for aViation, and Volor, but I have never read that in any books I went studied while serving.
In Nav School we were taught that the "V" represents Fixed wing, while the "H" represented Rotary Wing. Hence the squadron identifiers VA 196 = Fixed wing Attack, VF 15 = Fixed wing Fighter, VS 41 = Fixed wing Anti Submarine, VP 69 = Fixed wing Patrol, HS 6.= Helicopter Squadron.
Now a days the CV's are technically CVN with the N representing Nuclear Powered. . . .as the Oil burners have all been retired. . . .