No, it is not the same thing. Platform target only sets a bit in the PE header, telling the runtime if it prefers to run on the x86 or x64 version of the CLR (or neutral, if you specify "Any CPU"). Compilation will still produce MSIL code; AFAIK, it is not possible to tell to the MS compilers to directly emit native code (for now).
The flag is useful, for example, when you are PInvoking native DLLs for which you have only the x86 version.
In fact, you can also modify this bit later, using CorFlags
NGEN instead will compiler the IL to assembly code (native). It is called also AOT (Ahead Of Time) compilation, as opposed to JIT (Just In Time)