Not any more so than car titles are fungible. If I give you $10k cash and you give me $10k cash we end up in exactly the same material position, despite owning technically different objects (dollar bills) than before. That's because the dollar bills are fungible tokens representing a value. But if we trade titles for cars worth $10k each, we are both now in a different material position since we own different cars now.

(The problem with NFTs in this analogy is that transferring car titles has legal weight, while selling an NFT probably doesn't without additional contractual language.)