Yes, it is also that. And, Ride-On provides a dynamic balance, unlike wheel weights which are static. As your tire wears the balance changes. There is no way for wheel weights to compensate for this.
Ride-On, being a gel of sorts, constantly adjusts your balance as your tire wears. Not only that but with wheel weights, your tire is only optimally balanced at one speed. It can be somewhat out-of-balance at other speeds. Ride-On will correct this condition also.
The best thing to do is to have your tire spin balanced when new and then add Ride-On (you can not do it the other way around). This gets your tire close to balance at all speeds. The Ride-On will then have to make smaller corrections.
I use Ride-On alone as I don't have an easy way to get my tires spin balanced.