Not quite. Line out connections extracts analog signals from a device (3.5 mm end connects to external amplifier). That cable extracts digital information from a device (USB end connects to external DAC and then to an external amplifier).
Digital out = USB end
Line out = 3.5 mm end
But then wouldn't that mean it would be impossible to have a line out from a Lightning, because you would need a DAC in the cable? The original 30-pin connector was analog, but the Lightning is digital.