In that it is a bolt-action with a five round box magazine, yes.
The 700 descended from the Model 721 - 722 designed by a Remington engineer named Mike Walker in the early 1950's.
They were designed from the ground up using proven Mauser 98, Winchester Model 70, Remington Model 30 & other similar proven features.
But designed to be made on automatic lathes out of round bar stock with very little to no hand fitting required.
Prior to that, similar rifles were made out of forgings and milled metal hand fitted parts, which drove costs sky-high as wages improved after WWII.
The Model 721 - 722 was designed to be made cheaper then anything else then available, and it was so successful, but ugly, the improved & far better looking Model 700 sprang from the design.
rc