Yes it is basically the same as max's inset. However for the original mesh at the top of the page it works better than trying to use insert loops or the multi-cut tool. Some people don't realise it's there because it's not a separate tool like max. On your simple pyramid it's not so great.
I just thought I'd chime back in on this one... I noted that when you did the inset on the extrude @Ghogiel the pivot was in the centre of the model. I had to watch the video a couple of times before I realised you were selecting the faces all around the mesh. I followed the same steps in this video, but I specifically…