No, because it's more limited than just taking Limited use 2/day.
And Weby is ignoring a few things:
A character that takes a power that has Costs FP, -40% and has Instant Regen (FP Only) is less limited than the "Use for 10 minutes, then Off for 5 minutes", and far, far less limited than the "1/day".
Also with a Character that simply has more than 16 FP and Fit (Or a mage with Recover Energy at 15 or 20, or anyone with Breath Control).
You can't look at Limitations and Enhancements in a vacuum. Everything on a Character sheet is a whole.
And Costs FP is very much overpriced (item 5 on Rev P. Kitty's House Rules).