I don't think labels are terribly important for anything other than making communication easier. That said, watching and being humiliated definitely feels like what most would call cuckoldry. But by other definitions, you might not be called a cuckold because you're actively engaged in a sexual activity (regardless of context). Sometimes people use the term to just mean not being involved at all, like if your wife was cheating on you.
It doesn't really matter what you call yourself here. It's not like if what you are doing is technically cuckoldry if that suddenly means it is wrong. As long as everyone is consenting and enjoying themselves it doesn't matter.
All that said, I think most people would call this cuckoldry lol.
My wife also thinks that this makes me her cuckold husband. Which I don't mind at all because I know that my wife really enjoys sleeping with women and she also still enjoys me being her husband.