The ‘Real Estate Equity Waterfall Model with Monthly Periods‘ is a module that is meant to be plugged into your own standalone DCF model. The ‘Residential Land Development model’ is a standalone DCF model that includes a built-in real estate waterfall model with monthly periods.
So yes, you’re correct that the built-in waterfall in the Residential Land Development model is largely the same as the ‘Real Estate Equity Waterfall Model with Monthly Periods’ module.