Yep, very similar. A host of tools similar have come (and gone) in the past year alone from what I've seen. Most of them seems to focus on the AI aspect though.
I love simple solutions. I am doing something similar-but not so similar. I got tired of Loom and needed something simpler, and I made VideoBackr.com that can record your screen for share directly in the browser. I just made a cronjob to encode/compress the videos once a minute, works like a charm though there's a little delay :)
Fun fact, while the app is only a bit over a year old, I was doing something similar with a simple cron job nearly a decade ago: https://jontelang.com/blog/2015/08/15/automating-screenshots...