It is, but only partially. Its intent is to take the place of the professional/business-focused features Soundcloud originally emphasized as part of its premium accounts, stuff like sharing hidden items, passing things to collaborators, stats, embedded media for promotional materials, etc. Which Octave is great at, better than Soundcloud ever was.
But it doesn’t replace the listener-side stuff at all, no following artists, no feed, no likes or reposts, no interactive groups (which Soundcloud generally killed too). That strikes me as representative of a big problem with Soundcloud now. A lot of the listener-side conversation has dried up. The number of listens an artist gets relative to followers is often pretty meager (excluding famous people and the higher profile stuff that gets embedded by magazines), where followers used to be pretty engaged.
Well, that and all the spam and bots and parasites.