What's the difference? Apart from the legal requirement to have a diver ready to take over in test vehicles (which necessarily makes it Level 2), the fundamental difference is that you'd have to show a lot more than one demo to establish that you've achieved Level 4. Level 4s are supposed to be able to operate without human intervention at all within prescribed domains (e.g. downtown cities). That doesn't mean operate one trip or one day or one month without a disengagement -- that's still Level 2.
I'm super impressed by the demo but Cruise will have to show more data to back up a Level 4 claim.