In some ways, yes. A parental order transfers legal parentage in the same way as an adoption order. However, with a parental order:
At least one of the intended parents usually has a genetic link to the child.
The intended parents will have had some involvement in the creation of the child, albeit not via traditional methods.
The order has to be made by consent, as opposed to an adoption order where, in certain circumstances, the court can impose the order on the birth parents.
The intention is to affirm the intended parents as the child’s family, as opposed to an adoption order which confirms that the adoptive parents will accept responsibility for someone else’s child.