No — they are two separate parameters.
The club’s MOI (Moment of Inertia) refers to the entire club — that is, the assembled head, shaft, and grip. The higher the MOI, the more force is required to accelerate the club during the swing.
The clubhead MOI, on the other hand, applies only to the head itself. This parameter mainly affects the club’s forgiveness — how straight the ball flies on off-center hits — and it does not determine the overall MOI of the club.