That only works if you replace "basically" with "not really". With this code you can't violate Bell's inequalities[1], which is a really important feature of Quantum Mechanics.

[1] https://en.wikipedia.org/wiki/Bell%27s_theorem

To elaborate somewhat on the basically, the key difference between this example (and the more common "put a left shoe in one shoebox, a right shoe in another, shuffle, and send each to different people" example) and actual quantum entanglement involves being able to choose from a multi-axis spectrum of different measurements, and the resulting level of correlation precluding the possibility of there being a local hidden variable (the leftness or rightness of the shoe in the box before opening).

That's about transmitting qubit-encoded information. It has absolutely nothing, at all, to do with FTL communication. It's a somewhat more elegant solution than USPS for solving the problem of "I have a qubit here, I want to move it over there".