It’s a little different, Wealthify charge you a fee to select, hold and re-balance the funds your money goes into. With Freetrade you’ll be on your own but that’s no bad thing as it’s very simple to learn, and you’ll save on those Wealthify fees which whilst huge will add up over decades.
The underlying funds will be the same, or nearly the same, and with Freetrade you’ll have a little more flexibility if, for example, you think emerging markets are going to do particularly well/badly.
Choosing a fund, or funds, should be a one-off or at least very infrequent thing. Re-balancing you can do once a year, less often or never. The Vanguard Lifestrategy funds do the rebalancing for you, so with Freetrade you’ll be able to buy just one fund every month, you’ll pay a 0.22% fee a year (£2.20 on a £1,000 investment), and you’ll have exposure to every stock market in the world proportionally meaning your money grows in line with global stock-market growth.
As a guide, the Vanguard Lifestrategy 80 (which holds 80% shares and 20% bonds) has returned on average 13.7% over the last 3 years. If you’d have stuck £1000 in there 3 years ago and done nothing else you’d have something like £1,400 thanks to the magic of compound interest.
You’re not going too wrong with Wealthify, but to really maximise returns DIY is really not that hard and there’s tons of info out there online on how to do it.