In practical terms that is probably quite close, yes. A higher learning curve is a decent way to say it.
Some things will probably not be possible, a few things.
The 8 bit limitation will definitely limit the color fidelity and dynamic range during processing, and in some rare cases this may even be visible.
But in practical terms, most of the time, for most of the editing you want to do, GIMP is just a little harder to use.