Not quite. The Terms of Use state that uploaders grant users the ability to use, copy, repost, distribute, etc. content specifically "utilizing the features of the Platform from time to time, and within the parameters set by you using the Services".

Which means you're only allowed to redistribute content through the facilities provided by Soundcloud. You're not allowed to simply download music and share it outside of the website.

That said, simply downloading music from Soundcloud isn't copyright infringement. You have to do that anyway to listen to the music. But redistributing it (outside of Soundcloud) is illegal unless the copyright holder has granted permission to do so, or the work is under Public Domain.