It's a little bit more than that. Gaussians are view-dependent, which means that they can capture the full radiance field of the scene, rather than just the color and geometry of the objects. All the light bouncing around from different objects can be reproduced, including reflections etc.
See the reflections here: https://www.youtube.com/watch?v=mD0oBE9LJTQ
This is also pretty good, but more subtle: https://www.youtube.com/watch?v=tJTbEoxxj0U