No, it isn't similar to Private Relay as its entire premise for 2 hop (versus 3 for Tor) hinges on anonymous authorization (via Privacy Pass) at the exit node.
Private Relay has Tor-like guarantees (with 2 hops) baked into the protocol, as it uses anonymous authorization tokens (which can't be tied to Apple IDs they represent) at exit node.
The answer is yes - this is the same concept as Apple's Private Relay.