It's a set of hooks on top of the Nintendo's firmware. It's a jailbreak, not an alternative.
All firmware is "a set of hooks" if we're being reductive. Regardless, the Switch also has an alternative bootloader that you can use to run "real" CFW like Linux and Android so it's kinda a moot point.
I'm not "being reductive", it's what it aims to be.
Of course, only jailbroken Switches can run either of these things.
Looking at Nintendo's recent behaviour, it is only viable as long as they haven't sent a legalesque threat to the developers. Legal usage has not been a deterrent to the threats they send out, because they've been successful at shutting other projects down.
The EU should work on building things and not trying to regulate things to death.
How can the EU work on "building things" if the companies with the most resources and the greatest capacity for "building things" are actually making copycat software propped up with policies that exclude competition?
EU companies should work on building things. EU government is there to regulate (and encourage via regulation).
I'm all for weakening regulations, but not when doing so would strengthen the regulation of copyright.