It feels like it, because it is.
You press the home button to wake, it simultaneously reads your fingerprint and unlocks.
I suppose internally, the phone is processing two steps, but the user only really does one.
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Except that bent phone doesn't just "happen".....
It's 2 steps in my opinion. One step to press the home button, a 2nd step to keep your finger on the home button. Keeping your finger on the button still takes some time, even if its only a second or so. Yes we are splitting hairs here, but it's still an additional "step" over pressing the home button to turn it on.