No, they're pretty different, although if it's A-TRAC you're referring to, it's a pretty good system and works well at overcoming the weaknesses of the open differentials.
A locking differential is installed inside the axle differential case and has the ability to lock the left and right axle half-shafts together so that either tire can receive 100% of the torque sent to that axle.
The traction control uses computerized throttle and brake manipulation to try to limit excessive wheel spin on one or both ends of the axle. It doesn't have the traction advantage that a locking differential can provide, but A-TRAC is said to do pretty well off-road for a traction control system.
You can off-road without a differential locker or A-TRAC. If you get on uneven ground so that the left or right tire on an axle does not have much weight on it, it may slip and not provide enough forward motivation to go where you want to. In most, easy-to-moderate off-road situations, the suspension doesn't need to compress or extend too much and you'll have plenty of traction without any traction assist system.
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