Yes, the demo version shows you the games, but you can only play for a limited time or distance. It does not differ from the physical in any other way, except in this. It's like when you got a CD for a newspaper back then and you could only play Grand Turismo a little on it. :) In the case of physical, you get 16 full games, you can play them all the way through, several levels and of course the very good quality surround.
Thanks, I'd only briefly checked out each so far. I guess with multi-game packs I expect a demo to just be like 3 of the games, but of course this is a legit way to demo them all! It may help for clarification to note the difference somewhere, either here or on the full version store page (unless you already did and I missed it!).