It does work the same. The biggest difference is that there’s one or two player characters at any time that will give you a game over if they perma-die. But most of your crew are blank slates (with a name) that you build up, give a specific role, and can perma-die. The roles are more distinct, and there are more roles, so losing them feels like losing a party of your team. Like, your summoner might die, and that was the only summoner you had. You have to put in some effort to replace them.
Now, there is a difference of feel. Random mobs feel like they are for grinding rather than an actual threat. So deaths outside of the story feel like you should just reload your last save to save you the trouble. XCom generally felt like a person died, but it was easier to replace their role with the next man up.