It is different. DVC is a server-less management tool that helps you organize and link to your storage backends. And move data from these backends to your workspace. Git LFS requires a dedicated server. And you can store data only on that server, instead of moving data between a multitude of storage backends (like Google Drive, S3, GCP, local drive).
Mind you - DVC seems to be a platform on top of git rather than a replacement for git. So I'd argue that it's not really a new revision control system.
Smashing your ML models into git or other text-based VCS probably isn't the best way to do it