Yes although I would note that we have seen some differences using Vol Alignment tools followed by local refinement, as opposed to just using local refinement, even though as you say I think they ought to be equivalent. In a couple of cases we have got significantly better resolution with Vol Alignment tools followed by local vs local alone, even when the fulcrum is identical. 
(Of course you can also use the output of Vol alignment tools for NU-refine, if you don’t want to do local refinement)