Not really, it has a few modifications to it that make it unique from the AK-74M. Things I've noticed from this video by Valgear showing it off include

• different front trunion that has a the rear sight leaf removed and replaced with a locking tab for the rail dust cover.
• rear mounted peep hole iron sight with a diopter drum to adjust elevation
• reinforced rail dust cover in the rear
• 90 degree and quick removable gas plug for cleaning
• updated grip
• updated muzzle device
• updated safety lever
• burst fire mechanism
• gas block mounted front sight
• different trigger guard
• new sling
• quick detach muzzle device mechanism
• lug for gp25 and lug for bayonet made into two distinct lugs
• fixed gas tube
• new magazine
• the recoil spring no longer holds the dust cover in place
• novel cleaning kit integration
• cleaning rod does not come built onto the rifle anymore
• ratchet locking mechanism in the folding buttstock so it doesn't flop around as much
• slightly inconvenient unfolding mechanism in the buttstock

Compared to the AK-74 it is a better rifle. However compared to other rifles it is still playing catch up. It has a lot of notable improvements and changes that while better introduce some other headaches. If the choice is between it and a bog standard 74M, I will take the AK-12. If it is between the AK-12 and something like the BREN-2 or M4A1 I'll reconsider my options. Granted this is an opinion made behind a desk by someone who shoots firearms in the context of a hobby and not as a job.