Certainly not. PlusPrivacy has several unique and important privacy protection features that have nothing to do with ad blocking, e.g. management of privacy settings in social networks, email identities, connected apps and more. PlusPrivacy’s functions are managed from its Dashboard.
PlusPrivacy’s ad blocker is based on Adblock Plus open source code. If you wish, you can turn PlusPrivacy’s ad blocker off and use PlusPrivacy together with another ad blocker.