Yup, I get bothered when someone calls themselves an engineer when they don't have an engineering degree. However, once you get that degree, anyone can call themselves an engineer, having taken the professional exam or not. There are many engineering students who don't need to take the exam, but they still went through the same 4-6 years of crap: got raped by their professors, almost always max out their credit hours, pulled an all nighter starting Friday evening, repeated several difficult classes 2 times and even 3, was kept out of med or law school, passionately wants to pound the idiot who said college is the best years of your life...you get the idea (does it sound like I'm speaking from experience?); so yes, engineering degree = engineer.
What is nice to know, however, is that people with only a bachelor in engineering command more respect (or should be able to) than anyone else with a bachelor's. If I'm an employer, and I'm just looking for people who can think analytically and logically, I wouldn't question anyone holding an engineering bachelor's degree, but would definitely demand more proof of intelligence if the next guy was a business or arts major.