Not really, since it's not just about the light intensity, but also its spectral power distribution. This especially matters when using the display in a darker environment with low-temperature illumination, e.g. when reading before bed.

Quick experiment to show the effect: Go into a room with low 2700K or lower-temp lighting. Take an LCD, set its colour temperature same as the external lighting, then display an all-black screen. Since the screen is displaying #000, the software colour temp adjustment can't do anything, and you'll see the screen as emitting blue light, the colour of its backlight.

OLEDs don't have this issue, which makes them great for night-time use when configured properly, but they also generally use low-frequency PWM dimming on low brightness.