Pretty much, but that concept by itself is underrated. By having all of the CSS inline on your components, the developer doesn't have to click on a class name and find the css file associated with producing that class.
Tailwind is also a design system, so some non-obvious rules like box-shadows, colors, font-sizes are pre-picked. That means instead of remembering what font-size to use for a figure caption, "was it 0.85rem or 0.75rem", you can just use `text-xs`. Design constraint is good here because you get a consistent look throughout your app. It's kind of like having global css variables: by modifying your tailwind.config.js, you can change all `text-xs` to a different font-size now.
And then when you want to break out of that design system, "I need something smaller than a caption, say text-2xs", you can extend tailwind by defining your own atomic class names.
> benefit of using it vs something like bootstrap
Haven't used bootstrap since my first basic website years ago, but it seems like a vanilla js component + css library. Tailwind is primarily a css library, so you can use it with React and Vue as well. The way you install Tailwind is different too: Bootstrap you put into the head of your document and no build step is required; however, with a build step, you can remove unused css to get the minimal working spreadsheet.