Yes but lambda allows some versatility, for example (excuse my Python, it is a bit rusty):
formulas = {
'sum': lambda x,y: x+y,
'subst': lambda x,y: x-y,
'mult': lambda x,y: x*y,
'pow': lambda x,y: x**y
}
def apply_operator(operation_name, x, y):
operation=formulas[operation_name]
return operation(x,y)
Using "def"s there would kill readability and easiness of coding.