That is literally how I read it as well, BlueSky is farming out server load to enthusiastic and dedicated users, while also just going ham on the PR / propoganda / marketing making themselves appear to be something they are not.
Unless I missed something and BlueSky is actually letting people run and custom configure their own relays at least semi independently... yeah, they're basically being quite shady and misleading.
As I see it the only advantage is that it is not run by Elon Musk.
And by 'advantage' I mean the 'advantage' of using a corporate product that, so far, is doing its best to drive people away from an actually censorship resistant Fediverse, using inclusive rainbow capitalist language to lure in the large majority of people who are not tech savvy enough to realize they are basically lying to / misleading them.