No. First and foremost, Windows 365 is a cloud computer. It is a piece of hardware that is engineered specifically to easily control cloud operations. In the way Microsoft 365 places the entirety of the users' office and business applications in the cloud, Windows 365 is the Operating System for the cloud and it is your fully integrated cloud terminal.
Windows 365 is not another local version of Windows like the newly released Operating System (OS) Windows 11, which is now included in the subscription for Windows 365.
In short - the cloud 'drive train' stacks up this way:
Microsoft Azure is the cloud.
Microsoft 365 is the suite of apps you use to do business in the cloud.
Windows 365 makes it all work.
These three components create a VDI (Virtual Desktop Infrastructure) that allows employees to work as usual, but relieves many of the costs and headaches associated with physical local networks.
This is not to say that your HP or Dell PC with Windows 10 or 11 can't run M365 in the cloud - they certainly can, but in the cloud you don't need that kind of expensive hardware anymore.
The workstations in the hardware-based local 'legacy' network act as a mini factory and storage facility. They need the disk space, drive capacity, RAM (Random Access Memory) and a powerful CPU (Central Processing Unit) to run everything at the ground level. While these elements don't go away with a cloud PC, they need only be minimal compared to the old-style hardware.