Oh my goodness, no. Beanstalk is a very poor clone of Heroku.
Context: I have used Elastic Beanstalk in real production apps for years. For my Rails side project, figured I would use Beanstalk instead of Heroku so that I'm using the same platform (although I have also used Heroku in prod settings).
Quick summary is the AWS tutorial for launching their Rails sample app in Elastic Beanstalk doesn't work at all. I though maybe my Rails install was borked somehow, so I tried launching a sample app at Heroku. Worked on the first try.
Heroku really spends time making sure everything works out of the box, and that's what you're paying for.