essentially = exactly.
There is much to be gained by tuning what's there, even without cranking the boost on it. It runs lean at the beginning, then maxes out WB02's at 10:1 A/F through the upper half of the rpm band. That's why all the MSP's have soot all over the back of the car. My guess is they did this because the intercooler is horribly inefficient. (It's from the European diesel Protege and is obstructed from almost any direct airflow, and it's tiny. That would be the first "power" upgrade I would do, but it would be mostly for reliability.)
Have you had the car for a while or did you just buy it?