Yes, same as a regular TP flight, with all relevant benefits. Just think of it as something similar to "United Express" or "American Eagle" - one of the regional carriers.

The general rule is: if it's a regularly-scheduled (not a charter) flight that you can book through a GDS, and Portugalia and White don't market it, but operate it, it's a regular TP flight.
(Portugalia doesn't market anything, and White does only charter and wet lease, so any TP flight operated by either is the same as a "real" TP flight).