Semantics. AND misrepresentation. The choice to reload imposes a penalty: you get to repeat the segment where you screwed up, until you perform adequately. The choice not to reload has a penalty as well: the game becomes harder from that point on, due to the loss of a companion.
Saving at any point doesn't nullify those, but a lack of that feature would undoubtedly make the game less forgiving (if not necessarily more difficult).
However, the lack of permadeath doesn't mean there's no penalty for failure. It doesn't mean it's impossible to fail, either. The overall difficulty is lowered, though.
Yes I know.