Mainly, it is an unofficial patch developed without having the source code. This means NVR is not a mod (an addition) but it is a real upgrade of the game to a new version and it uses the settings taken from the esm/esp mods like the original game does. The main difference between NVR and other plugins/mods is that NVR is an extension/patch of the game. It can be called a mod, but it is not a 'normal' mod but a real 'code patch' and it upgrades Fallout New Vegas to a new version: 'forget' the old Fallout New Vegas' guides and settings to use NVR.
In addition, it has a lot of features, improves several other things. New Vegas Reloaded changes the vanilla shaders and supports several built-in effects, but it has also a custom engine to support any new own effect. This project is based on Oblivion Reloaded project, implementing a series of new features and removing limitations that no longer make sense. New Vegas Reloaded is a NVSE plugin that mainly modifies the rendering pipeline, adding new features and providing screen effects not supported in vanilla Fallout New Vegas. Read ANYWAY this description and the documentation CAREFULLY. Whether you are a veteran modder or a newbie,
NVR makes significant changes to Fallout New Vegas' rendering engine and adds several configurable options.