It's both, and more. He really thought so too.
"Happiness, I have lately discovered, is no positive feeling, but a negative condition of freedom from a number of restrictive sensations of which our organism usually seems to be the seat. When they are wiped out, the clearness and cleanness of the contrast is happiness. This is why anesthetics make us so happy. But don't you take to drink on that account!"
The Letters of William James, jy 10 1901: https://a.co/5NnKUJh