No, it's really not. I mean sure there is some of that, but you're wrong if you think that's all people use Snapchat for. People share things on Snapchat to their close group of friends which means you're willing to say things you wouldn't say in public about people, say things you wouldn't want your mom to hear, pass secrets around, or just talk in a more "anonymous" way. It's the difference between somebody taking 45 minutes to pose for and edit their next Instagram post vs. sending 45 snaps in a minute without even looking at the picture you take. It's almost like Casey Neistat's Beme--Snapchat encourages you not to care about what you send because it will be gone in 3-10 seconds.
It's the reason sc was invented but definitely not what it has evolved into. I'm aware there's porn accounts but the majority usecase is simply a low-friction 0 commitment method of sending pictures/thoughts/happenings