No, it uses the hypervisor to implement a scheduler for the GPU between the different vm's and gives them access to it. VFIO on linux requires passing the entire GPU to only a single VM and making it so the host doesn't have access.
MIG does need hardware suppoet, and from what I understand really expensive licensing. I don't know if AMD has a parallel technology.
That is pretty cool that it is vendor agnostic. I've found a few docs from a few years ago talking about stuff like it on Linux, but development of it seems to have stopped or just not progressed at all.
But she is they would use it in Azure, I imagine there they are using enterprise GPUs. But in Andheri scale datacenters it definitely sounds like an advantage!