Kinda. Difference is Switch doesn't hold your funds before sending it to you. When someone pays, it goes directly to whatever wallet you have setup in Switch.
That said. Their software is not open source, so you have to trust their software is safe and sound. Because from the looks of it, if they get hacked, someone could just change your account wallet to their own and all payments would then go to them instead of you.
I don't use Switch so please take what I said with a grain of salt.
As much as I agree with you, fact is, if the ship sinks, so will Librewolfπ