Well, not every file, but you see the point.
If that's the case, this has the advantage of having a subset of files recoverable even after >1 disk failure. Unlike RAID 5.
On the flip side: read speed is limited to at most 2 concurrent disks. Unlike RAID 5, where it's N-1. But that's theoretical, what's the reality on read speeds in RAID 5?
Anyway, if that's true, that would be a really weird name. Why didn't they call that "BTRFS RAID 5"? A look at the docs doesn't make this clear to me at all. I'm not sure what to believe...