Pretty much, sorta. The main difference is that gddr5 has a higher bandwidth, and with the way that AMD APUs work, the higher the bandwidth of the memory the better the chip performs; this is why the ps4 is slightly more powerful than the xb1. Microsoft counters this with a 32mb of esram and a slightly higher clock speed on the cpu than the ps4.

It's not the only reason the ps4 is more powerful; the GPU has 18 computational cores with a maximum output of around 1.84 teraflops while the Xbox one's output is around 1.31 teraflops.