No. It’s not better at all. Just a little tweaked. It’s still a stereo expansion device that doesn’t support 7.1 audio input from your games, and while it sounds a bit different from the old one, it’s barely enough of a change to have warranted a new product.
If you want a more detailed answer, the entire article you commented on is an exhaustive explanation of the small changes in this new product, and it ends with: “ It absolutely provides $30 worth of utility and functions, but I’m not quite sure who the target audience is. I’m relieved that it’s different from the old Cloud II dongle because I already have a couple of those living in my closet, but it’s not better or worse in terms of raw quality.”
If you want a USB device with proper 7.1 audio support from HyperX, you’ll have to buy the Cloud Revolver S, or the more recent Cloud Alpha S headset.