Some of it is. He did the classic “book an entire vacation for me“ except he only asked it to plan.
No one is ever going to just tell a phone to book a vacation for them. It won’t know what you want well enough. Planning is much more reasonable because then you can just adjust whatever you don’t like.
But as a demonstration, it certainly shows how far Siri has come. It probably would’ve just offered to do a web search before.
The things I’ve found it really useful for so far is the “find this piece of information that must exist on my phone somewhere, but I don’t have the slightest clue where“ kind of query.