Kind of. A compressor is usually a dumb dynamics processor that just looks at an envelope to compute gain reduction.
A loudness equalizer is a much smarter dynamics processor that can have gain reduction or addition and tracks perceptual loudness (not the envelope) while adapting parameters to hit some target loudness.
Its sort of like a really smart AGC, which is a general purpose dynamics processor.
Possibly working on specific frequencies and boosting/cutting those in addition to compressing transients. Sometimes referred to as “Multiband compression”
