Yes, it is a bit of understatement. Other than the insertion at smaller sizes, it adds:
- scans array to find merge-able runs (rather than use a "standard" size like more merge sorts); This makes it closer to O(n) for mostly-sorted arrays, a feature that is mostly associated with Bubble Sorts - but without giving up any of the good things about MergeSort
- identifies "reverse runs", and just reverses them - making mostly-reverse-sorted arrays closer to O(n), which no other general sort achieves.
It's still O(n log n) in the worst case - but it just works exceptionally well on real life datasets, which often have sorted or reversed sections.