It's more than that, though. I've been working this weekend on a basic Reddit frontend (https://reddit.spiffy.tech) and it feels much faster to load the front page there on my phone than the mobile Reddit web app.
So far it just does read-only behavior, but in comparison to the Reddit mobile web app, it does enough network traffic to replicate the same view: (1) fetch the front page, (2) fetch your list of subscriptions.
If there was a way to incorporate mod controls and refresh just for the right pane, this would be a GODSEND for monitoring active threads.