Good evening construction expert,
yes, it has a similar effect. However, pure hydroponics is not as good for the plants as a mixture.
There is a type of clay granulate from Substral, which is mixed with soil. Quite expensive and full of fertilizer. Depending on the fertilizer requirement, it can already be too much and the roots could "burn."
I prefer expanded clay, then expanded clay with soil, and depending on the plant, fertilizer, then soil on top.
Best regards, Eve