Not quite.

The fluid from the worm bin is a potent fertilizer, water it down and use as liquid fertilizer.

Our bin lets us harvest the semi solid slab of worm castings from the bottom, which can be used directly as compost in the garden.

I should note that not all our food waste goes in the worms. E.g. meat waste (that doesn't go in the dog) and onion skins go in our city's food waste bin (or regular bin).

We did have a bokashi fermenting bin for those slightly more pestelent food waste items, but we couldn't quite get the hang of it.