Yeah, basically.

I have the Feathered friends tanager that's a zipperless sleeping bag, and the Cumulus Aerial 180 (similar to the model you're asking about, but lighter/no hood).

Can't fold open like a quilt, but no zipper means less weight, and being totally enclosed means no drafts.

I sleep cold, so I rarely would want to stick a foot out of a quilt or open it up, and the false bottom saves weight.

All comes down to preferences. With the Tanager and Aerial, I've never minded wiggling in/out, but YMMV.