Not really, it's clearly a CLC, you can't expand it or refill easily, (no quick disconnects, or refill ports) + the Radiator is Aluminium.
What it has going for it mainly is extremely good fans coupled with fat 38mm radiator (All on <1500RPM speeds and decent acoustics). Hopefully, this makes it harder to deny P14/P12 performance (especially P14). Second thing it has going for it is obviously a better pump that your average Asetek CLC.
Still, I'm convinced that if you slapped 2xP14s on a Noctua NH-D15 (remember removing 1 default fan lowers temps by 2-3 degrees, and the stock Noctua fans are already inferior compared to Arctic), and you also had 1xP12/P14 as exhaust and 2/3xP14s as intake front in a decent mesh case like P400A,NR600, or P600A, that the difference would drop significantly.
To Summarise and clarify what I'm trying to say is, the Arctic is more plug and play, and requires less tinkering with your case and fans (like almost every single liquid cooler is), but you trade that for only 2 year warranty, and risk, and reduced longevity. However, it's very cheap for it's performance so that's new compared to other CLC/AIO and what makes it attractive to again take risks.
While on the other hand as it's been mentioned on this forum ad infinitum, NH-D15 requires adequate Case, tinkering and proper airflow setup, adequate Fans, but what you get instead is increased longevity, and waranty.
There's also a silver lining, we'll see in the future, the only 2 years warranty, could be because of lack of faith in fan longevity, lack of faith in pump longevity, or lack of faith in chemicals to fight biological growth, or you just pure cost saving. Lets see what the future holds
and hope it's cost saving and fan longevity.