Not really, IP TV is non-linear, whereas Cable TV normally is very much linear, aside from catchup, which is of course IP.
Linear IPTV does exist! Usually as multicast streams.
IPTV is merely TV where the transport mechanism is IP rather than MPEG2 modulated over QAM or similar (as in DTH DVB or DTT DVB ).
Whether it is linear ("flow") tv, or on-demand streams (eg. iPlayer) doesn't matter, it's about whether the transport is IP or something esle (ATSC, DVB etc).
Within IPTV, the distinction is normally between Unicast (direct-to-you) straming, or Multicast (distribution to many).
Unicast is used for what-is-normalluy-known-as streaming (e.g. NetFlix, iPlayer etc), multicast is essentially subscription based broadcast (live-tv).
For carrier-grade signal delivery, this is normally done on so-called "on-network" delivery paths, where Quality-of-Service (QoS) can be applied.
For everything else, there's OTT (Over-The-Top), which is "best-effort" provision of streaming media, typically over off-net broadband.
We run both DVB and IPTV platforms, based on either Coax or DSL access networks (no satellites, I'm afraid).
We have a complimentary OTT delivery platform, intended for off-net or tablet/smartphone devices, which are not on the primary delivery network.
Our latest service offering is a hybrid STB with live-tv provided via DVB, and all on-demand service over OTT (catch-up tv, VoD store etc).
(Sky runs the same model, only they don't employ cable-tv, but DTH tv for the linear channels).
So, technically, IPTV is comparable to cable tv, but not to off-net OTT.