The way I read it, is "Long Shot" means the camera is placed at a distance from the principals while "Long Take" denotes shot length, not distance.

So we have a matter of time vs. distance but do people now use "long shot" to denote time as well?

That's the way I understand it yes. Technically it would also make sense to call a shot that is long in time a "long shot", but to prevent the confusion people have gotten used to using those two distinct expressions.