Berne, I don't think so. Maybe only in 16-bit integer apps.
The jump from P55 core to the P6 core was HUGE. P6 is a much more advanced deeply-pipelined superscalar core than the Pentium.
Clock for clock, the PII with the 512k backside cache had a significant performance advantage over an equally clocked P5 MMX, especially in FPU intensive apps. I think your are confusing this with the PII vs the Pentium Pro where the PPro COULD be faster in certain cache intensive apps clock-for-clock since it has full-speed integrated cache.