Yes, essentially. Degeneracy pressure arises as compression forces electrons into higher energy states to avoid being forced into the same quantum state (Pauli Exclusion principle). But at a certain point the gravitation pressure becomes so strong that protons capture electrons, producing a neutron and an electron neutrino, and relieving the electron degeneracy pressure. See:
http://csep10.phys.utk.edu/OJTA2dev/ojta/c2c/neutron/neutron...