In some ways, yeah. The space trading and ship upgrading aspects are there, and in this game you can even hire and manage your own fleet of NPC-piloted ships, setting up automated trade routes etc.

The world is much smaller, though, since the whole game takes place in local space around a gas giant and its moons. There's also no landing on planets.

The flight mechanics are way more realistic than in most other space sims, but not quite up to par with Elite II. All in all I'd certainly recommend giving this game a shot if you liked the original Elite I or II, especially if you're also into management sim games like rimworld.

Seen the Expanse? Well take that and put it in a different solar system. You are not far from what you are expecting. It has Elite elements like space combat, trade and missions. UI is a bit poop, but the game is nice.