Yup, essentially capture state now so execution can continue from it later. The difference is that this checkpoint represents compiler-known program state (live values and control position) rather than an entire process or address space. That lets it omit dead state and the completed execution prefix.
BTW, for some reason a lot of your comments are dead. I'm bring them back.
Another thing it brings to mind is Record Replay (RR) debugger that was originally made for Firefox.