Fair.
"Shipped" does imply "delivered to the shipping company so they can then deliver it to the customer".
"Delivered" alone is more directly relevant to a virtual product which as been instantly delivered digitally.

I can see where you might want to differentiate those. But that just means more administrative work for you in your store's backend administration to keep things updated. And I doubt you're going to later go and update "Shipped" to "Delivered" unless you have some automated tool set up to tell you when the shipper has confirmed delivery to the customer.

I'd be inclined to rename it to "Shipped/Delivered" ... or as "Dispatched" as suggested by someone earlier.