No, it's not. It's actually more like the opposite. The domain name system is hierarchical, and W3W is clearly (and I gather, intentionally) not.
IP addresses are also hierarchical, but the mapping of domain names to them is only somewhat systematic.
Really, though, W3W identifiers are most like Tor onion names. Just hashes. Indeed, some have suggested replacing alphanumeric onion names with something like W3W.