That's what it looks like. I hadn't heard of it before, so I looked up the website:
http://www.solliquin.com/ You can see on the ingredients list that it uses some natural compounds and proteins that are supposed to help with relaxation and focus, so yes, closer to something like melatonin or Rescue Remedy than Zoloft or Prozac. Since I've never heard of it before, I can't speak to whether or not it works, let alone whether it's more or less effective than an OTC calming product like Rescue Remedy. My guess is it depends on the dog or situation.
The reactivity is definitely fear based? I ask because I have a frustration/excitement reactive dog, myself. It looks very similar to fear reactivity on the end of the leash, but it's because he REALLY wants to say hi to the other dog and can't, not because he's afraid/anxious about other dogs. He's also frequently a pain in group classes.
Giving Teddy space in class is a great start. Ask your trainer if they can give you some guidance for desensitizing him to other dogs, too, either that you can do in class or tips to help work with him on your own time. Most trainers are really helpful and want people to get the most out of their classes. If they're not able to guide you in that for whatever reason, it's probably a good idea to look for someone with a little more background in behavioral modification - meds help, but the best and longest-lasting results are when they're used in conjunction with a behavior modification program.
I should ask, too - how old is Teddy? Dogs go through a lot of funny developmental stages when they're puppies/"teenagers", so if he's in that age range I'd personally be more inclined to stick with bmod (and maybe some otc calming supplements) until he's a little older and more mentally mature, unless it becomes clear that the reactivity is making his life miserable.