Yes and no. An alternate perspective is that the output of each neuron in an artificial neural net is analogous to an F-I curve in a real neuron (spike frequency-input DC current curve). In this way, different neurons have different slopes and intercepts in their FI curves, just as a network of ANN neurons effectively have their activation functions tweaked after applying weights.

I usually only say this to other neuroscientists who have a background in electrophysiology. The analogy isn't perfect, and is unnecessary to understand what ANNs are doing, but the analogy still stands.