That is what James is talking about. But he isn't saying that our works are what saves us, or that they, in combination with the finished work of Christ, save us. It is faith that saves. Incidentally, it should be noted that it is not faith only but faith in the proper object. Just having faith in something doesn't mean you're saved.
Faith is only as good as the object in which it is placed.
That is why it is important to have the True Jesus. Because if you have great faith but it is in the wrong Jesus, then your faith is useless. In Mormonism Jesus is the brother of the devil begotten through sexual intercourse from a God who came from another planet. In Jehovah's Witnesses he is Michael the Archangel who became a man. In the New Age Movement he is a man in tune with the divine consciousness.