No, it's functionally equivalent to uninstalling; the only difference is that since the app was installed on a read-only filesystem, the apk can't be deleted. But it's gone as far as the OS cares; it can't be seen or used or run (even in the background) unless the user manually re-activates it.

Android added this capability specifically so that users can remove anything that's pre-loaded, regardless of what any company wants. There's no iOS equivalent because Apple doesn't want to to remove their stuff.