If it turns particles 1 to 1 into mesh then not really. Blobmesh is a specific object/modifier that has some parameters regarding mesh appearance, so when for example two particles are close to each other (treshold parameter) blobmesh will create one bigger (and particle to particle interpolated) mesh in their place. It's ideal for creating water splashes in cheap and easy way, without the need of running the simulation in 3rd party software.