In the article, we ask a question of the role of polysemy in cognitive ethnolinguistic research identified here with the so-called Polish Cognitive Studies (after Tabakowska 2013). We first place polysemy in the context of the homonymy-polysemy dilemma and, then, attempt to establish to what degree polysemy can still be found of use and help in actual research. As we conclude, although polysemy features high on the agenda of the Polish Cognitive Studies circle, it happens at times to be found of limiting application, giving way to the denotation-connotation distinction.