That's exactly what it is.
Than it's much better to call it with it's real name instead of inventing something like Social recovery feature.
It is also important for compatibility to say if your Secret Shamir Scheme is compatible with one that is available in other hardware wallets like Trezor Model T and Keystone wallet.
Having only the seed phrase is a single point of failure. Introducing a mechanism to recover the wallet even if you lose the seed phrase eliminates this
Yes it is, unless you add multiple passphrases, but we are talking about improving something and removing single point of failure, that was not accomplished with SSS because one guy controls everything.
In the future, we will be implementing something more standardized like SSKR and Seed XOR.
That is better, but I don't know who currently uses this except maybe Coldcard.