By your definition it's NOT hacking because a powersave can't do anything that isn't possible in the game. As I said, it can't create pokemon from scratch with 6IVs and maxed EVs and such, it unlocks events that are already coded into the game (therefore are possible since the coding into the game was done by game freak, you are not doing it yourself by creating the event using the power save) Same with the pokemon you get, the ones you have you can only make shiny, you can't give them perfect IVs or 252 EVs in every stat, you still have what you had, only shiny. You can give yourself items and any number of them you want, but you can't get certain items that are still coded into the game (like the Soul Dew) but are unobtainable. (latiosite is obtainable, or at least will be given time. You notice that no one is talking about getting Blazikenite with the Power Save? There's a hint right there) anyway, long story short, your definition that you typed yourself proves that it is not hacking (if it is hacking, someone make me a 6IV Lonely Xerneas, a 6IV Mild Yveltal and a 6IV Adamant Zygarde all holding Soul Dew and THEN I will concede that it's hacking)
Is it cheating? Absolutely it is, no one here will argue with that, but is it hacking? No, not in the sense of the word that relates to the pokemon community, you're adjusting numbers of items in your inventory, your giving yourself items you can normally get anyway, and you're flipping the switch from 00 to 01 in a pokemon that makes it from non shiny to shiny, or flipping the switch from 00 to 01 to activate an event, the latter would be done when you connect to an online giveaway that tells the game "Yes, activate this event". Is it semantics? Sure it is, but until my criteria above is met, it's not really hacking, it's cheating. There's a distinction, as was illustrated by the poster I quoted.