Not quite, because UAC will still alert you when someone/something is trying to access vital folders, settings, etc. of windows. And this is good when malicious files are trying to access system folder or to auto-add them to startup or maybe when someone tries to change your anti-virus/firewall rules (you don't want something like that to happen, don't you ?).
And I will point the example with linux systems again. If you're trying to update or to change some vital files/settings, you will be required to login as root, or else you can't do anything... quite the same thing and here or not?
