Short answer: yes
Heated tobacco products (HTPs) are more like smoking tobacco in health impacts than e-cigarettes.
The heating of tobacco in most HTPs, such as IQOS from Philip Morris, produces tar, and the inhaled product is described as both aerosol and smoke.
In these HTPs, although not combusted, the heating of the tobacco stick in the device still forms tar which is inhaled.
The tar is less than that in conventional tobacco cigarettes, but as there are no safe levels for tar this is a concerning factor.
Carbon monoxide is higher than in vaping in IQOS and other HTPs using heating of the tobacco.
Aldehydes, nitrosamines and some other toxic chemicals in tobacco smoke are present at levels generally lower than in tobacco cigarettes but higher than in vapes. However, as in vapes, in the inhaled material in HTPs other hazardous chemicals are present in higher levels than in conventional cigarettes and at concentrations known to cause harm. The links below include useful information about HTPs, the various types and the nature of the risks.
Clearly HTPs are another hazardous product on the market and present serious health risks to users, but which the government is allowing to be sold without proper description of risk, and from which the tobacco industry and the government make considerable profit. An indication of the government take is the over 200 million dollars set aside by the government to pay for HTP tax cuts.
The government is again not performing its duty of care to citizens. If it were the risks of both vapes and HTPs would be clear and they would not be marketed like 'adult candy'. The government is acting criminally in allowing such understatement of risk in a marketed product.
This is certainly not the activity of a government intending the product to be a treatment to help tobacco smokers quit but one catering to the tobacco/vape/HTR lobby while profiting itself.
Remember that the WHO strongly advises strict regulation or banning of vapes and NZ is one of only 3 countries who do not do this. HTPs are arguably worse. https://www.who.int/europe/publications/i/item/WHO-EURO-2020-4571-44334-62636
https://en.wikipedia.org/wiki/Heated_tobacco_product
https://www.dkfz.de/de/krebspraevention/Downloads/pdf/FzR/FoS_2024_Heated-Tobacco-Products.pdf
https://www.sciencedirect.com/science/article/abs/pii/S0006291X21016399
Photo image is from Wikipedia