I think I mean either. So yes NULL is a distinct value from true and false so I think it's also right to say it's neither true nor false. But the value NULL does represent is roughly "could be true or false, we don't know yet."
It could mean anything or nothing depending on context, which is part of the problem. (Plenty of people think the meaning of NULL is clear and obvious and consistent, unfortunately they give different answers about what that meaning is)
It could also be neither. It's whatever you define it to be. Null could mean you don't know if it's true or if it's false, or it could mean you know it's neither true nor false.
It could be true or false, but it’s unknown. For example. a user doing a survey is yet to fill in the answer. That doesn’t mean there is no answer, it’s just unrecorded.