It goes far beyond making files immutable. I haven't really done a deep dive to see if it's on par with SELinux but the description in this thread doesn't do it justice.
What I meant is that devising a sane and useful way to make use of security levels seems easier than achieving something 'equivalent' with SELinux. Sophisticated policy systems are nice, but something that kind of bundles sane defaults together and organizes them into ordered layers like security levels sounds great.
https://docs.freebsd.org/en/books/handbook/mac/
It goes far beyond making files immutable. I haven't really done a deep dive to see if it's on par with SELinux but the description in this thread doesn't do it justice.