No, you lend your Tether to a provider, which then manages your USDT and lends it out to other parties. You can imagine that a lot can go wrong in this process. These platforms are also private companies that could in theory go bankrupt or be hacked. These are all risks that you have to take into account, before using a platform like this.
Know the risks and never invest more than you can afford to lose. If necessary, spread your assets across multiple platforms to hedge the risk.