That's right. But updating everything except the kernel also seems strange.
On BSD systems, kernel and userland are developed in lock step, so it's usually a good idea to reboot to be sure they are in sync.
So with that in mind, you can update your userland on FreeBSD without updating your kernel in much the same way as you can do with Linux. Though it is recommended that you update the entire stack on either platform.
Applications will usually work, but the base system will likely break in some places.