Well, only in the same sense that a blockchain is a reinvention of a government currency issuer - there's a sense in which that's true, but it misses the really interesting stuff.

With correctly implemented zk roll ups, the security guarantees are the same as transactions on the main chain. The changes that are rolled up are proved to have taken place correctly, and an end user can extract their money from the roll up even if the roll up network stops functioning. They're also fast. Those are some nice advantages over a settlement bank.