Sort of. Entertainment is a classification taking into account purpose (Films are a form of entertaining one's self/time). Entertaining is to do with how one emotionally processes something.
The best distinction is the one represented in Collin's English Dictionary:
entertainment (ˌɛntəˈteɪnmənt) n.
1. the act or art of entertaining or state of being entertained
2. an act, production, etc, that entertains; diversion; amusement
versus
entertaining (ˌɛntəˈteɪnɪŋ) adj.
1. serving to entertain or give pleasure; diverting; amusing