Yes and no.
Intel Integrated Graphics was always a graphic solution executed by the CPU.
This here solves multiple problems. A) The Computer has a dedicated graphics chip. B) The computer has an incredible high bandwidth between cpu/gpu/main memory.
C) The CPU will be capable of utilizing the Special 3dimension graphics memory. Which is patented by AMD. (HBM)
This is a way more powerful solution than integrated graphics and thus puts a lot of pressure on Nvidia for laptops and mobile maybe even for office computers.