Not really. It scales with income, motivates working, is more fair, and avoids a blanket handout which would just raise the prices of everything in response.
I think you are confused about how either UBI or negative income tax works. The most important difference is that negative income tax would do payouts once a year, and even that is not a hard requirement. Other differences are accounting differences and not practical differences in how much money people have available (as they can be made identical by tweaking the tax rates and tax brackets).
Perhaps that was the wrong wording, but giving everyone money would only inflate costs as they rise to meet the new income levels (whether that money is printed or redistributed). What else are you claiming is made up?
"Motivates working, avoids a blanket handout which would just raise the prices of everything in response"
"More fair, less cost, and better purchasing power"
I mean that it's a made up difference between UBI and NIT, they are simply equal in this regard, for better or for worse.
It makes no sense that they would be different, as the net money flow between individual (or household) and the government can be made exactly the same between UBI and NIT scheme, and how much money someone actually has in their hands is what determines motivation, fairness, purchasing power, inflation etc.
Under UBI: NetMonthlyIncome = income + UBI - taxes_ubi(income)
Under NIT (where taxes_nit can yield a negative value): NetMonthlyIncome = income - taxes_nit(income)
You can make taxes_ubi(income) == taxes_nit(income) + UBI and you get the same exact real life result, it's just that the accounting is different.