This is definitely true, the tech Bloomberg uses was novel in the 80s, but the functionality of a modern browser now outstrips that of the terminal program. There's actually some functions in the Bloomberg Terminal these days which just fire up an embedded browser to render the content!
There are many things a browser can do just fine, but there are also many things that the terminal needs to do that would be difficult to do memory or CPU wise without resorting to plugins. Certain things in the terminal use an embedded browser (e.g., displaying company web pages), but almost no terminal apps are written as web pages. (Products such as BLAW, BGOV, etc. are native web apps)
