Maybe it is, maybe it isn't. All I know is that if I open a can of H110 and W296...they smell different, so something is different. Maybe it is my imagination.
But when I worked up the loads for both the .357 and .44mag.....I used both powders because I didn't know which one would work best, etc.
Same weight charge for both powders, same cases, same primers, same bullets in each caliber.....H110 beat W296 hands down. I had no pre-conceived notion as to which was the better powder....both were on the same playing field as far as I was concerned.
And the Hornady manual usually shows a .5 grain difference between H110 and W296 in the .44mag, so if they are the same exact powder, why the difference? Its a small variation......but in my reloading experience (over 15 years) H110 always shot better than W296.
Thats my experiences and observations. Yours may vary. All I can say is load up both, see which shoots best for you.