Hey Newman, well sort of... Of course with ARC you can limit the correction frequency response by channel, but from what I can tell the Yamaha low-frequency only correction is pretty cool. It isn't just a curtain but a different process. I don't own the Yamaha (I own an AVM 70) so that's about all I can speak to (quick glance at owners manual and of course I can't find it quickly).
I find ARC easy to use once I familiarized myself with its capabilities. The only promised items not yet delivered are auto phase and polarity for subs. This isn't a big deal to me as I use the app with my SVS subs with the ARC Quick Measure feature to adjust these settings prior to taking measurements but I understand for some people those would be useful tools.
I guess the biggest complaint I've heard is there is no built-in PEQ. Anthem provides ARC Genesis and the option to adjust things such as room gain, overall target, correction curtains, etc. but there isn't specific PEQ allowing you to fine tune the results or use in lieu of ARC altogether. I had PEQ on my Emotiva RMC-1L and liked it, in some ways more than Dirac or at least their implantation of it. My room is treated and speaker/sub placement determined all by using REW so it's good on its own, but ARC for multichannel cohesion is an improvement. I'll get blasted again for saying this out loud here, but I prefer 2CH playback without ARC engaged. I have a very sharp (short from a Q perspective) 6 dB dip at 51Hz and somewhat significant room gain from 31-37Hz in 2CH, but I live with it. If anything the room gain is sort of a natural bass boost for music that doesn't bother me. For my uses ARC is fine, could it be better? That's why we all spend money and hours chasing the dragon, right?!
If I didn't answer the question well enough shoot me a message and I'll try my best to assist.
EDIT: YPAO Low Frequency Mode; This time, a new mode has been added that specializes in the low frequency band, analyzes acoustic characteristics on multiple different time axes, identifies and optimizes the reverberation bass range (standing wave), and improves visibility.
Marketing hyperbole? It's especially nice that it improves visibility.
EDIT 2: ARC Genesis doesn't downsample hi-res music files for those that care. Most others, I believe Dirac and YPAO included, downsample to 48kHz.