Yes, as far as the user is concerned, using the TRUNCATE command to clear a table will look pretty much the same as using the DELETE command.
In reality the TRUNCATE command drops the table and re-creates it like it was before, but without the data. All columns will be re-created like they were.
The DELETE command, however, leaves the table as it is and just deletes all the data, which will not reset stuff like auto_increment.
Note, that both methods will completely remove all data from the table!