Yup.
The previous family share was gathering your library of games with the "console" in a single box and giving that entire to your friend. If you want to play anything, you need the box back.
Steam Families is now a common bookshelf, grab a game if it's there and play.
Now we just need a way to use that shelf with the same account so I don't get booted from my steam deck games just because I left something running on my PC and vice versa.