My boss is dyslexic; he can't spell for toffee, he uses text to speech for everything (even when reading normal-length emails - it would take him twice as long otherwise), and is only really able to focus on one thing at once. Yet despite this he has a first class degree in Psychology and started a business selling assistive software which, several years after he graduated, is employing 6 other people!
So no, dyslexia is not just another word for stupidity; it's a genuine disability which, if the individual develops coping strategies to deal with it, can be overcome (or at least cease to be a barrier to success).