Not exactly, no. Social Dummy Notes is the next generation of the service making it much more flexible for new accounts by using the latest technology to make it easy and simple at bringing your stories to life.
Timelines and full app recreations will not be returning to the service as Apple deems that to be classed as 'fake' which goes against their guidelines. Post details with comments below it will be returning and will be known as a 'story'.
Your Library of users, music and films (to be known as 'library items') will still work similarly to the legacy app. Rather than being in their own sections, they'll all be merged into one big library which you can filter if desired.
The new iteration includes folder organisation so you can store multiple library item types in the same folder with another if you're working on a series of stories. For example, have two users and three films in the same folder together.
There are many major changes coming that will surely hope to make it easy for creating your stories.