It can refer broadly to Judaism or specifically to forms of Orthodox Judaism when used by religious and Orthodox Jews, specifically. In a more general sense, it has come to mean the "Jewishness" or "Jewish essence" of Ashkenazi Jews in general and the traditional Yiddish-speaking Jews of Eastern and Central Europe in particular.
It can broadly refer to Judaism or specifically to Orthodox forms when used by religious and Orthodox Jews. In a broader context, it denotes the "Jewishness" or "essence" of Ashkenazi Jews generally and traditional Yiddish-speaking Jews from Eastern and Central Europe.