yep. It's not the same at all. The format is harder to read, and the point of \G is you can do it without toggling. Say you run a query. Turns out, you need vertical format to see the entire contents. Just hit up arrow, replace the ';' at the end with '\G' and run the query again.
MySQL also has \c which I find tremendously useful, when you screw something up mid-query.