No, not quite.
When you short the circuit with the jumper it completely clears the volatile memory. It literally puts the chip back to where it was when it came out of the factory.
When you "set to default" it still retains some information such as date and time info, and maybe some other things depending on the MB.
They generally have the same effect, but if you can't access the BIOS to set to default you should always use the jumper, and if you already set the BIOS to defaults and it didn't work, then you should try the jumper.