Is insertMany ordered: false the same as updateMany with upsert and setOnInsert defined?

Just theoretically speaking, isn’t insertMany bulk operation with ordered set to false logically the same as writing updateMany with $setOnInsert defined and upsert set to true?

I ask this becuase insertMany with ordered: false will “ignore” duplicate keys, so will updateMany with setOnInsert defined and upsert: true.

Please correct me if I’m wrong, but I believe I may have stumbled upon this.

Also, if it is the same, is there any performance difference between the two?