A key idea in maths education, that at least becomes more visible at university level, is that people tend to start thinking of new ideas as processes, but to do more advanced maths they need to move on to thinking of the same things as objects.
That is, we are taught to think of $2+3$ as an instruction to take $2$ and add $3$ to it. Most people will write $2+3=5$ to mean 'when I follow the instruction given the thing I end up with is $5$'.
But mathematically it is more correct to say that $2+3$ is a number, and $5$ is a number, and $2+3=5$ is the statement that these two numbers are in fact the same number. This interpretation is rarely taught at school, meaning most people never get past thinking of maths as 'following some instructions to arrive at a number'.
When you are thinking that way, it is very hard to ask questions about the properties of $+$. Instructions aren't things we tend to think about the properties of. But if $+$ changes to being an object (a binary operation), it makes more sense to ask about it being associative, commutative etc.
Going back to the original question, $\frac{a}{b}$ is both a fraction and a division. More precisely, fractions and division are two different ways of thinking about the same mathematical thing. The key word you use is interpreted. There is one mathematical object, but more than one way of thinking about it, and it is good to be prepared to think about it in different ways in general (although in a specific case there may be a good reason to pick one interpretation over the other).
As an aside, you might like to consider $\frac{2x+3}{4-x}$. This is a number if $x$ is a number (ignoring details). But if $x$ is a formal variable then this is not a number. It's still a fraction, just in a different ring of fractions. It is still the result of division, or an instruction to divide. For practical purposes though, what will mostly help is to be prepared to think of it as one thing, so you don't have to use up too much brain space thinking about it (see cognitive load theory).