Agree with Al. My widget 2.5 provides me superior functionality over the 2.1 version. Both functions and functionality are nouns so either may be used, IMO, but using “functions” would require an additional preposition (“with”), I believe. Direct answer to the question I believe is “no,” but the use of the phrase is a proper option.
When dealing with English vocabulary the lesson is that we COULD do away with a lot of words, but we make them up in order to express fine variations of meaning or to turn a few words into one. In German one might squash adjectives onto a noun to make what an English speaker would think of as one word. We do this a lot with new single and hypenated words. A typical approach in English, though, is to alter prefixes and suffixes.
One can easily do away with most of the English vocabulary and function just fine in the world, but why would we want to do that? Language is what we want it to be. Popular word variations survive through use. Old variations get demoted and eventually can be found only in classic literature. I ran across ‘wheresoforth’ the other day in a book I was reading. Can you guess the century it was written? It is easy enough to understand from context, but who uses it anymore? 8)