seriously did not think we would see homomorphic encryption productized for a few more years. pretty impressive!
I don't think this is exactly homomorphic. I hope they put out a whitepaper so researchers can properly evaluate its security.
See the MuchPIR project (https://github.com/ReverseControl/MuchPIR) which implements Information-Theoretic Private Information Retrieval (IT-PIR) in Postgresql; In addition to the demo there is a high performance version available for commercial use.
If they are able to do this without decrypting the data then I think you could describe this as a somewhat week encryption that exposes some data attributes as queryable. You could not implement this with strong encryption without at least decrypting for indexing.