Not quite, but it can replace Rufus. Rufus formats the drive and extracts the content of the image to the drive, so every time you need a new bootable something, you'd need to format your drive and extract the image again using Rufus.

Whereas with Ventoy, you just format it once, and then you just directly copy whatever ISO/VHD/WIM etc file directly to the drive, and it can boot from the selected image via a boot menu. So not only does this support having multiple images on one drive, it greatly simplifies the complexity of creating bootable USBs, and saves time since you don't have to format every time. So you could have your own all-in-one USB toolkit with your favorite Linux distros, rescue/recovery ISOs, Windows, backup image files of your HDD that you could boot into directly etc, all on a single drive.