Is the sentence semantically correct?

If an idea or technique enhances subject or technology, or way of doing a thing, then it is implicitly about that technology. Something that improves farming techniques is about that and not about rocket technology or oil painting. The sentence seems a bit redundant for this reason but is semantically correct.

I don't think it is redundant.

For instance, you can have an approach based on X (Which I'm assuming is the technology), that does not enhance the technology but is merely an application of it.

Stating that it both applies the technology and improves on it seems valid to me. Perhaps if you used "just" instead of "only", it might make things a bit clearer?

Semantically, I see nothing wrong with the sentence either way.