Vault is not able to provide guarantees similar to an HSM.
But they are both systems intended to provide secure storage of key material with policy-based access to that key material. As an SSH CA, you can configure Vault to sign SSH pubkeys but never divulge the key material. Depending on your threat model, it might get you what you want for this use-case, but you should definitely be aware of the limitations of Vault's security model.