The answer is both “yes” and “no.
“Yes”, all light consists of a stream of photons, regardless of the source.
Both LEDs and lasers faithfully produce monochromatic light, which is a very specific wavelength (color) in any segment of the spectrum.
Red & near-infrared are the most studied and preferred wavelengths for most cosmetic applications while blue in conjunction with red is being employed more and more especially in the treatment of acne conditions.
And “No”, lasers produce a highly concentrated “coherent” light while the new generation of Superluminous LED's produces a bold, rich “non-coherent” light.
LED “non-coherent” light is the light found everywhere in Nature and laser "coherent" light is found only in man-made technologies.
Laser light can be very dangerous and must be medically controlled. LED light is safe and can be managed by any skin care practitioner.