I don’t think this is a 100 % correct description. The accounts are business accounts in Revolut‘s name, they are ring fenced (the money held in them isn’t part of their capital), and the money is held there in your name. Similar to how a solicitor might have money in your name in one of his accounts for certain purposes. But the compensation scheme does not cover it, only personal consumer accounts are covered. And the accounts in question aren’t personal consumer accounts.
BBVA published a paper about security / compensation for e-money licensed institutions a while ago.