On the surface level, sure. However, it's mostly just a lower abstraction way of accessing largely the same JIT. I'm pretty sure browsers supporting WebAssembly are doing so by reusing most of what they already have. And if you dig deeper, this was almost certainly inspired by tools like Emscripten and the Asm.js concept. After all, Asm.js accomplished a similar goal to WebAssembly, at the end of the day; Wasm is a cleaner, higher performance, less backwards compatible way of doing largely the same thing.
JS already unhinged from the browser pretty thoroughly. I think when it comes to Wasm it's almost as much about what it doesn't have as what it does have. Lack of DOM bindings and a GC make it much more suitable for hosting in more environments like the kernel.
I'd say it more a textual encoding of LLVM IR. Which makes the s-expression text format of WebAssembly a text encoding of a binary encoding of a javascript encoding of a compiler intermediate representation of your program. Round and round indeed.