Is this option a Financial Engineering major?
It is much more than a Financial Engineering major. A student will be exposed to broad areas of applied mathematics, operations research and statistics. The coverage of these topics should be sufficient for further study in the mathematical and statistical sciences or employment in many areas other than finance.
Will my chances of getting a job be better with this major than others?
Majoring in this option should facilitate employment in the finance sector but in general any EngSci grad from any major will be well poised for employment.