No, it's significantly better. The headset has MEMS sensors running at 1 KHz (the Note 4 runs at 100 Hz IIRC), which means the head-tracking is perceptually flawless.

Add to that the quality of the optics, the high quality screen, the wide field of view, and the difference is substantial; if you haven't tried both, just trust me. They're not even in the same category.

Now, the Zeiss headset, that thing is just a high end Google Cardboard.