No it is not.
Krita was meant to be an OSS alternative to Corel (ex Fractal Design, ex Meta Creations) Painter [1].
And that's what it became, eventually. And quite a bit more.
I've been using Photoshop and Krita since the first version of both of these DCC apps came out (and Painter too, btw). Professionally. I.e. for most of my adult life.
Krita is a great paint app. It's not a Photoshop alternative.
Photoshop is a great image manipulation app. It's not a Krita alternative.
Krita absolutely is a Painter alternative.
Painter is no longer a Krita alternative, if you need certain features (that's a topic for an entire blog post).
But one thing I can say is that using a tablet with a pressure/angle/etc.-sensitive pen and a screen in front of you, is very different from drawing on paper.
Which is very similar, as far as hand/eye coordination and motor memory go, to using a pen with a tablet or a tablet with a built-in screen (e.g. a Wacom Cintiq).
I.e. if you own such a tablet and use it with Krita you may get something very similar to Procreate and call it an alternative.
But if you just own a normal tablet and a screen, learning the hand-eye coordination usually takes six months, from my experience.
That's not really related to the app when you compare desktop painting/image editing apps.
But it matters when it's one of the main features (similarity to pen & paper as far as learning goes).
As is the case with Procreate.
It is a program targeted specifically at digital painting. Yes, it can do some "basic" image manipulation like Photoshop does, and even you can do some animation stuff too - but it doesn't intend to target everything image manipulation wise as Photoshop does. I for one as a graphic designer use more tools alongside it, as GraphicsMagick or Digikam's Showfoto, because there's some stuff that it's easier to do with them, or they can do some stuff Krita can't.
People hears that Krita is "a photoshop alternative" in countless comments, blog posts and etcetera and can get frustrated when they find something is lacking. And they can be one of those people that bitch about FOSS because they couldn't manage to do that specific task they can with propietary software.
I doubt they will bitch less if people recommend GIMP.
I disagree. Krita is a worthy Photoshop alternative. It has things in areas software explicitly marketed as a Photoshop alternative does not have. Plus it feels intuitive, like Photoshop.
I sort of feel like this shield is unnecessary and in some ways harms Krita, a great tool.