Kinda is, kinda isn't.
The entry-level option however does constitute a forced bump in minimum-spend on the part of the customer of $100, even if in a spec-vs-spec comparison there is no bump. And you can argue this isn't great for an entry-level apple laptop mostly for casual users that don't need or are willing to pay for 512gb.
But the cheaper macbook is set to be announced tomorrow, probably filling some of the gap the M4->M5 left behind. So I think that probably neatly resolves it. Looks like it all makes sense.
(I'm still surprised Apple isn't bumping their prices more due to RAM pricing, but maybe they're absorbing a little bit of their margins to potentially increase market share.)