No, it's a Tbolt 3 hub, not just a USB-C one — hence the feature many may want, is both HDMI and Tbolt 3 displays via the one dock.
Granted the HDMI at 4K is limited to 30Hz regardless (though 1080p is 60Hz, and likely 1440p at 60Hz too – though of course they don't clarify what 1440p would do!), but still, one also gets Tbolt 3 5K at 60Hz at the same time.
From a MBP, this may mean running 2x LG 5K's at 60Hz, another HDTV at 60Hz, and the MBP's screen, all at the same time (the other LG 5K from the other side of the MBP, of course).
Incidentally, the USB-A's & C's all run at 5Gbps, and not 10Gbps (that gen-2 C's can offer), though that's to have enough bandwidth for all the remaining (non-display) ports, I'd think.