Nope. Give this article a read:
https://www.ghostgb.co.uk/ping-vs-latency-vs-jitter/
Latency and lag aren't quite the same thing even though the result will look the same to the user, and one can cause the other. Latency deals with packet information. It's a backend phenomenon. Lag is visual. Lag is what the user sees and experiences. High latency can cause lag, but so can other things.
For example, if the user is having a network connection issue, he might experience high latency. This can create visual lag. But it would be describing something causing the other, not just a word that is interchangeable.