That JEP elaborates on the same ideas (notably using `instanceof` instead), as the linked JEP explains, but the motivation for sealed classes extends to further harmony with subtyping. The major item seems, to me, to be allowing interfaces to be a supertype. A minor but distinctive item is that the sum type's variants can be defined at (some) distance from the base type, rather than all being defined in a single breath.
The problem is, even though you could always express sum types in Java, it's verbose, unpleasant, and above all "clever" in a way unnecessary in other languages. I think this JEP helps somewhat -- the private constructor trick in particular goes away -- but it doesn't really help with clients of your sum type. Pattern matching is still yet to come, and if you want a Visitor, you still need to write a Visitor.
To the grandparent's point, this JEP isn't enough to provide a coherent alternative to checked exceptions or other kinds of structured control flow.
https://openjdk.java.net/jeps/397