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Does TAILS not do this? Forgive my ignorance, I only know the basic idea of it.

Most live distros do this— rather than have an initramfs that finds and mounts the removable media, they just put everything in the initramfs itself.

What's new here is being able to optionally and seamlessly copy the regular disk install into RAM on boot.

What do you mean by "flip to an existing install?"

I think the mechanism is that it's installed in a normal persistent fashion, but per-boot you can opt-in to loading the current install into memory.

Have updated my comment to be more clear.