breathwork Hi. Basically yes. But it's not only Zentools which is using this functionality to use same images and only resize them with CSS. This is a standard procedure to achieve responsiveness on the website.
And Yes. Resizing image with CSS has way better results than having for example 8 same images but in different sizes.
What I would do it this case is to check the size of the image it has to be on desktop, which is the biggest layout option for the image, than resize the image in editor to best fit the space available for it. Than I believe the gmetrix which is checking the image size only for this one device will stop reporting that as well.