They may have still used the phrase "holistic review" (I can't recall specifically), but the scatter plot graphing definitely means that applicants are measured along 2 metrics, instead of some nebulous subjective review. I'm sure they still look at all aspects of the application together to reach each score, so their review is holistic. Obviously the methods used to determine each score could be subjective. So yes, their review looks at all parts of the application, but they actually provided a peek into how apps are reviewed instead of giving the stock answer, and that information is useful in crafting a solid total package.
The main feeling I got was that their review process was almost scientific (they mentioned weekly scoring caliibration meetings amongs adcoms), and it is probably very difficult to overcome a glaring weakness in either of their metrics.