Well, no... it is not the same thing. It happens much closer to competition. Guys will be wrestling closer to their natural weight, theoretically. If you think 5 minutes is the same amount of time as an hour or two hours, we have a problem and it goes deeper than weight cutting.
Multiple weigh-ins throughout the day is absurd and creates more problems (administrative mostly) than it fixes. That would be a great reason to keep things as they are.