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Yup, the base principle is similar to VHS (and U-Matic, Betamax, Video2000 and various more obsure ones), termed "color under".
The luma/brightness part of the signal is frequency modulated (i.e brighter part higher frequency, rather than higher voltage) while the color is down-converted to a lower frequency. (Though as with VHS there is some slight overlapping, I think it's a bit less prominent due to other differences though.)
There are some smaller differences in the exact filtering though. 8mm had some improvements over the older formats such as slightly higher bandwidth/resolution than standard VHS/Beta and had FM audio (mono or stereo) and "tracking" signals in the same signal.
In contrast you have analog formats recording the full composite signal fm-modulated such as Laserdisc (CED and VHD disks are a bit more complicated), Type C and various other broadcast open-reel tape format, and component (storing each of luma and two color components separately) most notably used in (analog) Betacam and MII.
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