No, it's not. It's the all you can eat buffet saying that 95% can eat all they want, but the 5% that keep sneaking food in their backpack to eat when they get can't do that anymore.
If the new limits are anything less than 24 * 7 / 5 times the previous limits then power users are getting shafted (which understandably is the point of this).
What's worse with this model is that a runaway process could chew through your weekly API allotment on a wild goose chase. Whereas before the 5-hour quantization was both a limiter and guard rails.