Absolutely.
Joseph, H5P is much bigger and wider than Moodle - unlike many (but not all) plugins for Moodle that are more usually 'extensions' of Moodle functionality.
One can think of Moodle 3,8 as "enabling H5P to be added and displayed" nicely - but as Séverin says, it doesn't provide a way to create content.
That is on the
Moodle Roadmap, but it's not trivial.
Personally, given H5P.com SaaS (paid service), and the H5P Moodle plugin that works well, I wonder whether it's actually necessary to 'integrate' H5P into Moodle core.
The whole philosophy of Moodle has been to enable others systems via API's etc. We've never integrated a video-conference system, and external repositories, rather than a sophisticated internal system.
On the other hand, Moodle has not introduced any new content type in years - when were Book and Feedback released?
The attraction of H5P within Moodle (via whatever method) is that ordinary teachers get a massive increase in the type of content and
activities they can easily add to courses.