Does capped loss leverage actually change the risk that much?

I keep seeing leverage discussed like every platform works basically the same, but I was looking at how Moon handles it and it got me thinking.

You pick how much you're willing to risk, then choose the leverage, and that amount is basically the most you can lose. If the position moves against you enough it just gets liquidated.

Obviously 100x or 1000x can still wipe the position ridiculously fast, not saying its safe lol. But isn't that pretty different from borrowing heavily against your BTC or BCH and potentially getting wrecked across a much bigger balance?