I think you're correct. Not really aware of any real limitations, other than it's slightly slower than dpdk (it's not a complete bypass), but at a much easier ease of use.
The difference I was getting at vs DPDK is that the kernel NIC driver/NAPI/XDP path is still involvd. With DPDK the userspace PMD is effectively driving the NIC and accessing the queues directly.
either way, it's great and everyone should use it :) that is assuming they have a use case for it. The use-cases are perhaps somewhat limited as it also bypasses the kernel tcp-ip stack, so you gotta do a lot yourself.