Hyper-ultra-processed, yes. But, as others point out in these comments, a food's degree of processing doesn't determine its health value, although those two things are correlated.

Personally, my instincts would favor Huel over fast food, too. I'd be very interested in any study that tested this rigorously. Huel is far from anything "raw," but so long as all the nutritional components are still in there, one has to wonder if it's just as healthy.