Two repeating drum beats running at different speeds isn't quite the same as a Euclidean sequence. (The latter is probably more musically useful.)
Euclidean sequencers can be useful though in that they model a variety of common rhythms, and with tempo synchronized delay they can give forth a whole lot more common rhythms. Though nothing that can't be achieved a million other ways like anything else with music.
Suppose this device had different speed orbitals and implemented some more sophisticated logic like, "if you see a green dot then don't trigger the beat then but hold it back until you see a red dot" then I think you could get behavior that's more like, but not quite the same as, a Euclidean sequencer.