for the most part that is what it means. performance will be less due to ram limitations but it will be similar. apu's like fast ram and lots of it. remember that whatever ram the gpu gets, the rest of the system does not get to use. so 8 gb total with 2 gb for the gpu means only 6 gb for the rest of the system. i think the cap is 2.5 gb for the gpu but i could be mistaken.
these apu's are good for office and htpc's but not for gaming. r7 is low end already and won't offer very good performance for very long. look at the fx-6300 or the new x4 860k and a discrete gpu for a gaming build at lower budgets