Yes, but a gas engine is so inefficient that it loses more than half of that energy to waste heat. But almost all of the electricity is converted into useful power in an EV. A 600hp Cybertruck will go 13 miles on $1 of electricity, but a 400hp F-150 can only go 4.5 miles for $1 of gas. 50% more power at 1/3rd the fuel cost is a pretty significant benefit.

Not a Cybertruck fan myself, but unless you are going to tow or take many long road trips, an EV truck will work great for anyone who can charge at home. And most people don't tow, or take long road trips, with their trucks.