Effectively, yes. “Electrolytes” is a collective term for the ions that help move stuff into and out of your cells. These are primarily sodium and potassium, although calcium also plays a role. Sodium is the most important of these for sports drinks, because it is the one you most lose through sweat.

Unfortunately, most sports drinks don’t really contain enough to balance out heavy sweating, because sodium salt (aka normal salt) tastes, unsurprisingly, salty. If a drink had the right balance of sodium, it would be noticeably salty. Gatorade has one line of drinks that do that, and Pedialyte is specially made for the correct balance. Sports drinks really jack up the sugar to help hide the salt taste.

Most sports drinks, rather than having the sodium you need to replace sweat, instead jack up the potassium (think Prime and it’s advertised 843mg of electrolytes, 700mg of which is potassium). This doesn’t really replace the electrolytes you need, but it also doesn’t make the drink nearly as salty.

When you see “electrolytes”, you should flip around to the nutrition label, which must list the actual amounts of sodium and potassium. This will tell you if it will actually help you recover from activity, or if it’s just more sugar water and advertising.