For normal file copying in *nix, I've only ever seen people use cp (eg. cp /mnt/mydevice/myfile ~/myfile), but I eventually ran into dd, which appears to do the exact same thing (dd if=/mnt/mydevice/myfile of=~/myfile). I do see that they have some different parameters available (dd seems better at fine-tuned copying), but they appear redundant. Do these tools really do the same thing?
To answer your main question, no, they do not do the same thing.