Can confirm. It is very similar, but with some differences apart from just 3D graphics:

• More focus on immersion - gorgeous maps, emotes, tons of style, cool animations
• Enjoyable movement - bounce bads, sliding, jumping, paragliding, jetpack, vacuum tube rides, cars
• Verticality - hills, cliffs, and mountains to take into account when building, as well as able to organize production lines on top of each other
• Smaller scope of production - the amount of machines and produced items in a Factorio Megafactory are unattainable. Some due to it being infeasible to optimize the way a 2D game can, and some because the immersive 3D view constrains what you can see and build at one time.
• Hand-crafted world that encourages and rewards exploration - as opposed to Factorio's procedurally generated world
• Slower pace - no enemy waves, and infinite resource nodes means you can expand at your own pace without being pushed by a need to get more coal, or suppress enemy bases
• Smaller mods - Factorio has some insane total conversion mods that are not feasible to make without the excellent mod portal and the fact that 2D graphics lessen the work needed for modders.

I think both games are amazingly fun masterpieces, though Factorio is the game I've spent the most time in by far.