Brett – I’ve added this exercise to my program (PPL), so I thought I’d chime in. Yes, if the bands are set up correctly, you should be able to lift more as compared to the non-banded. We’re deloading the hardest/heaviest part of the lift, and making a more even resistance profile. This also feel much better on my shoulders.
Disclaimer: I’m not a coach and I haven’t watched Joe’s video on the exercise. I’m just another schmuck offering an opinion.