Nope. It does more or less the same thing, but your music tracks will be DRM-ed by Apple Music. Not with iTunes Match. Even if your track is matched, your track will be DRM free with iTunes Match. So you can download it and it'll play after your iTunes Match subscription ends, any Apple Music download will stop playing after you stop your subscription.
Concerning software subscriptions. I don't consider the service based apps software subscriptions (Netflix, iCloud, VPN, etc.). You subscribe to the service and you just need the app to make use of that service. Pure software subscriptions are a no go for me (Cyberlink, Nero, Parallels, etc.). Luckily most that I use still offer perpetual licenses, but for how long? Office 365 falls somewhere in between. For the money you pay MS you would only get the cloud storage if you go to the competition, the Office apps are more or less a free bonus. I'm still reluctant to switch though and stick to my perpetual license of Office 2019.