No. This is a different film with two heroines and it's being produced by T-Series and Bhushan Kumar. It's directed by the same guy - Ajay Bahl.
Big production companies like YRF/T-Series hire people like Arjun Kapoor because there are only like 5 or 6 top actors. When you can't hire them for everything, what other option is there? They don't expect any theatrical profits but they would make money from OTT later.