Similar in the sense that both approaches essentially run Linux in a VM, virtualizing the typical hardware required such as the MMU. In essence, it's the esp32 version isn't much different, just faster as the core is faster.
Would be cool to get no-MMU Linux running on it. I've seen that run on STM32F7's natively..
A 230MHZ 32bit CPU it's far more powerful than a 8bit processor emulating a 32bit one.
You could use cli apps and even X perfecly well with 16MB and 80MHZ in 1996.
EDIT: Ok, this is emulating too. Sorry, then.