In general I think 'serverless' means deploying code without managing some kind of server yourself.
(“Serverless”, at least to me, means a platform where I don’t have to worry about running servers.)
I suppose there may be a point to it if the serverless platform is extremely stable and never has any security issues or other things to update.
This project looks like it's more FaaS style (sans the self-healing / autoscaling etc). Up is more application oriented, it just happens to use Lambda.