Maaaayyyybe. But consider, it means the SMS must be read by the not-yet-booted phone via the cell network, interpreted, converted to iMessage and routed out through WiFi? or Bluetooth? to my Mac or through the iMessage service over WiFi to the Internet? or something, in order for my Mac to display it. The phone was in the process of rebooting and showing the Apple logo.
Keep in mind I'd just upgraded iOS and had not yet entered in my iCloud credentials.
Very impressive in any case, and way mysterious.