No, it is not as severe as NJP or court martial, but being relieved of your command during a deployment overseas is a very serious reprimand for someone at an O-5/O-6 level. Its a statement that the wider command does not trust in your ability to lead during combat maneuvers, which is your entire role at that level in your career.
It is likely that this ends his career, not that he’s just allowed back. I would expect “voluntary” retirement at a minimum.