It's more than that. It is realizing that nothing really exists at all, apart from what (really) appears to (really) exist in the moment. Even objective existence, or the solid-looking physical world, is a part of this equation. Understanding formlessness means perceiving the "void" out of which everything springs. It involves a major subjective reorientation of the way we perceive the world.
Human consciousness experiences reality through it's senses and creates values on what is experienced relative to the bodies and brains instructions. Values assigned to experiences create feelings and emotions, and by the action of these our consciousness knows it exists. Consciousness does not think, it feels thoughts. The task of thinking occurs in the brain, which is external to consciousness (if consciousness thought, then it would consciously be aware of the all the mental steps leading up to the creation of the language symbols and sight images used in thought).
Both the body and the minds memories, and present experiences are all external to consciousness. They are external because consciousness is not the individual parts that cause it to form, but the total pattern of the relevant parts. The causal patterns that form consciousness has some leeway in relation to the makeup of its causal parts, thus different forms of consciousness can arise, for example, different levels of animal consciousness, dream consciousness, alert consciousness, sleepy consciousness and so on [which infers consciousness levels are partially dependent on the levels of electromagnetic flow caused to flow through the frontal lobes].
Consciousness arises wholly from these external causes, and is entirely subject to these causes. As external causes create the values stored in one's brain, then these values are entirely objective to consciousness - it has no say in altering them so therefore they are not subjective to consciousness, but have been objectively determined by the configuration of the universe at any one moment of consciousness. They are not changeable, so they must be objective, at least in this dictionary sense "Belonging to immediate experience of actual things or events". At the same time they are entirely subjective as in "Taking place within the mind and modified by individual bias". As no one can occupy the same spatial location at any one time, this means no one can have the exact same set of causal experiences that lead to our individual consciousnesses. This means our memories will be different and as memories are the most direct and prominent causal influence, what occurs in each of our consciousnesses will be different.
Consciousness, merely being an outcome of causal patterns, does not own anything, it has nothing on its own, it "holds" nothing. Thus it can be said to not exist as a physical cause, but to exist as a causal effect or outcome. On the other hand every causal part that creates the total pattern owns something, in the moment they hold causal power they own this power, it is what they are.
Unfortunately however, this last paragraph is not true.
If I describe something as a physical part, another thing, then each and all of those parts become of the same nature as consciousness, merely a totalised outcome of causal activity, and as that objective part then it holds nothing of its own, and the same applies to lower level parts that make up any part, til nothing is left to observe.
This is where certain philosophers find formlessness and some scientists find causal emptiness - they are at odds. IMO, neither sees the forest from the trees, philosophers need to realise that causes are a type of form, and scientists need to understand that causes are not effects, and thus not directly observable at the fundamental level.
While there is a void of no-thing-ness, there is no void of nothingness.
Both the combination of all or some of the parts of a thing and every part of that thing has causal form. Consciousness also holds this causal form as can readily be seen by the fact we act differently when awake than when asleep - if consciousness held no causal power then our causal effect on the rest of the universe would never vary in either state. As consciousness holds causal power then, like everything else, it must be a structural part of the brain (and I guess this is why people can be hypnotised, consciousness is turned off, leaving the rest of the brain running). The frontal lobes are the highest level sorter and merging agent of pre-thought processes, and the manner in which they perform this process is determined by the feelings that arise in consciousness. When our body is undergoing negative circumstances, including negative memories, this feeds into consciousness and may create negative thought processes.
If consciousness exists in this fashion, in that the causal outcome as a whole will cause different causal outcomes than the outcome if it were segregated parts, then things themselves also exist, as causal patterns, not solid objects.