From a ballistics standpoint, no. But the actual wound channels are very, very similar. Except for a couple of botique loads, the 5.7 from the pistol is still too slow to achieve the wounding mechanisms of high velocity rifle cartridges. Even those custom loads that achieve 2,300-2,400 are still too slow, when one considers that the 5.56mm is considered inadequate once it's velocity drops to ~2,500 FPS, because the small projectiles don't create that large of a cavity and rely heavily on yaw and tumble.
So while the 5.7 does achieve higher velocities, it's not enough of an increase to make the round more terminally effective. It's only real advantage is better soft armor defeating capabilities than the WMR.