Yes. They are both flash storage, not the spinning disk hard drives. If I recall correctly, they are slightly different forms/types of flash storage, though. Not just at the file system used to format them level, but at the physical level.

Of course, because one (the rootfs chip) is so much physically closer and better integrated with the CPU (and possibly because of the physical difference in flash type), the access speeds to read/write data on rootfs are faster, than they are on the eMMC. But on the other hand, for most things (like running a program) the difference is not human-noticeable.