Almost. As I am a single-user instance (even though I have a few accounts) I can say that:
* boosts show in the home timeline when it is boosted, but in the federated timeline the boosted toots instead show at their own real timestamp, not as boosted
* if someone I follow sets their toot to followers only I only see it in Home.
* Replies between people I follow I only see in Home.
The federated timeline is the same for everyone on your instance.
Subtle differences.