Well, yes, but it's not exactly the same. Session-based logout (or JWTs with blacklisting) automatically protect resources that haven't been fetched yet, but leave open the possibility of lingering previously-fetched resources. JWTs without a blacklist even leave open the possibility of fetching additional resources with a supposedly logged-out credential. That seems like a much bigger hole.
For me blacklisting is bad idea in general. It can be achieved without blacklisting downsides by using asymmetric keys per user. Where you could rotate keys after things like logout or password change. Keys might be stored in replicated storage, same as session, and deleted/rotated as needed.
Don't get me wrong, JWT it's not silver bullet nor it was meant to be one in first place. It's not session replacement, but there are places where right implementation makes lot of sense.