Close... The weight is redistributed. The wearer is wearing more load but it’s directed around the human skeleton as opposed to through it. This reduces the risk of shin splints and other skeletal damage. It’s analogous to wearing braces. It adds more support. However you are slower and heavier.
A Powered exoskeleton does the same but also ups the muscle involved so even more weight can be loaded or you could move faster. But at the cost of needing more power and engineering.
I think is much more advance than a mere brace. It is designed to transfer part of the weight of the wearer (and anything they are carrying) directly to the ground via the frame, so the bearer’s muscles do not need to carry the whole load, but I think there is also a semi-active powered element to this as well.
The reporter mentioned that it felt noticeably lighter when he was getting out of the car, which is a big clue, as with a brace, you will only feel the benefit when standing straight with a pack so the brace can take some of the load of the pack off your back.
In order for this to work, I think there is a slight mechanical delay in the downwards movement motions, but none on the upwards movements. So when you bend your knee while walking/running, your muscles relax, the frame partially supports the weight of your body and pack.
This best achieved by building in some sort of spring or fibre bundle into the thick thigh piece to store some of the energy from the downwards motion, to be released when your legs push upwards to give you limited powered assist on the way up as well.
That is the only way this system would give you real tangible benefits for the intended purpose (to allow medics to carry and walk/run with casualties over extended distances).
The active push up assist is probably what the tank climbing exercise is designed to help demonstrate - that with a wind up, the frame would allow soldiers to jump slightly higher than just their muscles can manage.
The frame would also serve as a shock absorber, to allow soldiers to jump safely from higher without risking injury if they lock their knees and let the frame take the brunt of the impact.