No, not even close. The pce game is more like a remake of the NES game. That's fine, as it was better than the arcade game anyway.
Double Dragon 2 on the arcade was the pinnacle of fighting games 1998 (prior final fight which came out a year later, which surpass this game), the point being that they change the fighting system to make it more challenging than the relatively easy prequel thus quite of depth of the game
more variety of enemies and that it suffered slowdowns as the hardware struggled to cope with the scale/complexity of this game
IMO, on the Gameboy advance remake/improvement surpass which was released 14-15 years after the dd 2 arcade release, neither the pc engine, nes, pitiful megadrive or the technical advanced, but boring snes dd could match dd2 on the arcade.
in fact, the recent release of DD trilogy on android ( which I use ps3 dual shock 3 and dedicated clip) and iphone made me constant replays on dd2 especially as they perfected it by eliminated the slowdowns and even more fun than the us made ps3/x360 dd neon