If you’re being literal, yes, a deduction of 200 pts isn’t a relegation by itself. De facto, or practically speaking, it probably is. I guess that’s what most people will interpret it as, as well.
The literal definition of relegation from PL to EFL is unknown to me - it will depend on what is the wording in the contracts signed between the PL and the EFL about teams exiting the one league and entering the other. Whether that wording is different for a team punished with deduction or a team punished with expulsion isn’t known to me, though it seems quite possible.
This shouldn’t be part of the PL’s consideration, is my view. If a club has violated conditions necessary to be viewed unacceptable to participate in the PL for a time period, that should be the criterion, not what other leagues and organizations might do or not to for them if so. The PL needs to show it has an integrity as an organization that is above single members or outside interests, this is not done by catering to outside factors. A line must be drawn in the sand on this one, and the PL will be judged IMO opinion on their ability to do just that.