RP2040 is just a microcontroller vs the "full computer" of a normal pi board. This is the distinction people are usually making when they say RP2040 isn't a pi.
This board is a full intel computer plus a rp2040 driving the pi-style GPIO pins. It should basically be able to do whatever a pi can do.
To be compatible and be able to use all the Pi Hats would be nice but my point is that I am not sure a RP2040 can replace the Pi and be called "compatible". You can do a lot with an MC on the board that is true.
This board is a full intel computer plus a rp2040 driving the pi-style GPIO pins. It should basically be able to do whatever a pi can do.