100% not equivalent. I said entry since it gets the job done but it has a ton of limitations. The biggest one is it having to compress the video via the link cable and it having to decode on its own cpu. So this can lead to a some artificating and some stuttering issues. This is a problem that can be solved if Meta chooses to use DP over usb via the displayport protocol but that makes engineering a bit harder and it runs counter to their whole point of the device being a standalone unit, this isn't even an unrealistic ask since this is how the PSVR2 works.
2nd one and this is only a partial issue but its still worth mentioning battery life. For many people having a link cable will extend the life of your quest 2 but it won't keep the same charge level so a session will probably stop after 2 or 3 hours. Which is fine for a single person but if you are doing this for a party or something, may not be enough time to let everyone have a go with the thing. So a standard headset will just have a dedicated power cable and can go for as long as you want it to. Like said I'm hesitant to put too much faith on meta since they can easily drop support for these headsets. To my knowledge the quest 1 still works with a link cable but how long do we expect that to be the case, maybe one day a software update with their oculus platform basically makes it impossible to use it.