It’s definitely not Guild Wars 1, but it does still have a “low level cap” in the way that it’s extremely easy to get to max level doing a variety of content, then the vast majority of content is done at that level. You probably reach level 80 within completing about 5%-10% of the total available content, so it’s just a number. The way you “advance” your character is through gear and cosmetics, and there’s an account leveling system called masteries you unlock at 80.