Looks pretty different. Much closer to more modern state management approaches such as Recoil and Jotai.
Swift Data is just a framework to annotate data structures to be stored by Core Data.
It looks a lot like an ORM.
The annotations are for defining the CoreData schema – i.e. the necessary piece – rather than relying on a schema definition file as one would prior to SwiftData.
There are additional syntactic niceties for SwiftUI binding, but the annotations are very much an ORM.