Not yet. Picto is in early alpha. Much of Photoshop's feature surface exists in some form, but the project says plainly that it is not yet a Photoshop replacement for daily professional work.
The biggest gaps the project lists are AI and generative features, tools Photoshop has that Picto does not yet, depth in typography and professional workflows, and plug-in compatibility. Every Photoshop menu item is connected to a command, but that only shows the menu is wired up. Having a tool or command is not the same as matching Photoshop's behaviour.
What Picto does well already: layers, masks, adjustment layers, layer styles, type, vector shapes, brushes and live-preview filters, in a menu and shortcut layout that follows Photoshop. See Picto for an overview, and the project roadmap for what comes next.