Not quite. The inoculation rate also impacts yeast growth, so when the second starter is settled out, and added to the second starter volume then the inoculation rate is low enough to suppress growth rate. This can be illustrated in Brewfather
For a 2 litre starter from a tiny 1 billion cells at 1.040 gravity will yield 392 billion cells
The same 1 billion starter split over two 1 litre starters will yield 333 billion cells.
However... this is all based on theory, assumes all your yeast floculates out and is transferred to the second starter, and you've been clever about making sure the second starter gravity takes account of the volume added from the first starter. In the real world, the yield is likely to be a fair bit lower than the calculation, but for the purposes of home brew the impact on fermentation is unlikely to be that significant due to the host of other factors that will determine yeast viability. The short version would be, no they aren't the same, but you'll still get more yeast from a two step starter than just a one step.
Personally after trying a couple of two step starters I asked nicely and my mother bought me a 3 litre Erlenmeyer flask for Christmas last year
. She said it was the most unusual present she'd bought me since the nice stainless steel garden fork and spade from the previous year!