It is. Google's 2FA basically has little to no features besides the 2FA functionality itself.
If I'm not mistaken the Google Auth app is nice in the way it doesn't store your data on servers, right?
So if you are rooted and able to back up the APK + data with Titanium Backup it is doing a fairly good job. It is what I have been doing anyway. Obviously Aegis offers more functionalities, so if this app is going to stick around, there is a pretty high chance I am going to switch over.