Neurologically, no, but it still counts as reading a book, and is often better than merely reading one.
Great profile of “golden-throated” audiobook narrator Grover Gardner and the booming audiobook industry:
Gardner’s advice to aspiring narrators is to take a digital recorder and a book, sit in a quiet room, and read aloud for an hour without stopping. “Then tell me if you still want to do it. The answer is often ‘no,’ ” he says. “If you had to break down all the components of what goes into quality audiobook narration, it’s staggering. All the things you’re juggling in your head, in the body, in your throat and your voice.
I never recognize audiobook narrators, but I always respect their art.