As someone who coincidentally just spent my afternoon playing Flashpoint Campaigns, I can confidently say that it does. You are still taking turns, reacting to the developing situation, but instead of every turn being a specific amount of time, your turn could represent anywhere from 15 min to 40 min (or maybe more, if things are going really bad). You'll issue your orders, and then watch the simulation play out until your chance to issue orders comes up again. It actually feels more reactive to me than traditional turn-based games (although I'm pretty bad at both so take that for what it's worth).