short answer: yes.
longer answer: the p2 is running a 266 core with 512k 133 mhz cache. the celeron is an upgraded core, the deschutes, and is running at 466 with 128k of 466 mhz cache. not only does it get speed from the core simply running at 40% more mhz, but also the cache, though small, is running 3.5x faster.