I mean yeah, pretty close.
Both are draped in cosmetic accessories, have no ties to player power in terms of instanced combat, both influence and change how world content is approached and played.
New recipes/schematics/followers(Garrisons) and appearances and presumably maneuvers(Dragon Riding) are obtained from playing all kinds of content, and I presume Dragon Riding will have story quests attached to it? Dragon Riding will almost definitely provide PvE content and vanity items will absolutely be locked behind Dragon Riding.
So yes, in essence and down to brass tacks - pretty close.