I thought it was supposed to be better because it's all self contained to lightning. No need to run a website for an address

I just saw this new version today. Is it self custodial? I also like that I can set up more than 1 vault. I was looking for a way to have a Bitcoin "allowance" for my kids that I can have all together on my phone since they are too young for their own devices. This seems like it would be great for that.