Short answer: sort of. I'll explain.
The Matte Velvet Skin foundation is a reformulation of MUFE's previous matte offering. It features FLEXI-FIT, the brand's exclusive technology for skin comfort and breathability. MUFE claims the new formula resists cracking so you won't look cakey and maintains a velvety finish for up to 24-hours (supposedly it's waterproof as well). It also comes in 40 shades which offers incredible choice for hard-to-match skin tones.
I really like the texture of this foundation; it's not watery but not too thick either. I find it blends easily and is very buildable. The picture below was taken just after applying the foundation. As you can see, the coverage is medium to heavy (which for me means creating a flawless base but doesn't completely camouflage my freckles) and can be built up without looking unnatural. It also doesn't really feel like I'm wearing heavy foundation so I'd say the claims about Matte Velvet Skin being comfortable are pretty accurate and thankfully I haven't experienced any breakouts due to use.
Unfortunately, where I think this foundation falls apart is wearability. I've worn it to a workout and it didn't separate or melt off. However, for some reason, and I don't know if it's just my skin, but this simply doesn't stay matte... which for me, is kind of the whole point of using a matte foundation. I have tried primer underneath and topping it off with the MUFE Ultra HD Powder, as recommended by the pros, but am constantly blotting my nose throughout the day (where the foundation seems to have the worst time sticking).
I note that the foundation does seem to remain velvety on the rest of my face but if you suffer from an oily T-zone like me I'd say be aware that this foundation probably will not stay matte "all day." I would recommend this for people with normal over oily/combination skin like mine.