not necessarily. With some black magic in chemistry you can get the oxybenzone to basically live "inside" of a compound where it will become soluble which is why you don't see an oil slick when using Reef Safe. With most other screens you do see that oil slick and that will eventually sink and coat whatever it falls onto.
Part of the problem with oxybenzone is that most of the studies have been using non-realistic studies. I.e. 100% concentrations of it that has been solubilized with a solvent that is also damaging to coral. That study is completely useless because you'll never have oxybenzone solubilized with that chemical, nor will you ever have that much oxybenzone in the environment because of FDA limitations on how much you can put inside of sunscreen. That was done as a marketing stunt to demonize oxybenzone to help push some specific products.
Reef-Safe then did their study to show that the differences in coral toxicity between their product with and without oxybenzone is indistinguishable. That said, the PR from the study obviously would hurt their original formula because most consumers are uneducated even though they think they are experts so an oxybenzone-free formula was released to not alienate those customers.
If you buy into that hype, then they have an oxybenzone free formula, if you don't, then you can go with the OG stuff