No, this is completely different. Incognito mode deletes all browsing data (locally) once the window closes.

This allows you to say, be logged into Facebook on one profile, logged into Google on a different profile, and logged into your daily browsing in a third profile. Or you can have multiple logged in YouTube sessions in case you’re a content creator, you can have a profile for each of your channels.

This way the cookies for each aren’t intermixed, and it would make it (slightly) harder to correlate browsing habits from embedded cookies or logged in sessions, or just to keep tabs and browsing history separate.