yes and no. Adobe's proprietary RTMP streaming protocol also includes commands for pause/rewind/seek so you can skip around in a stream, much like controlling a VCR. It also controls its transmit rate to match the bitrate of the media. (So even if you have a very fast connection, you receive the data of e.g. a 2 hour video in ~2 hours.)
But "streaming services" that just use HTTP - yeah, they're exactly that, a download without a Save option.