No, property-based testing is something more like https://hypothesis.readthedocs.io/en/latest/ -- it's like fuzz testing with some smarts and it is lovely where it fits.
Unfortunately, I'm not aware of a good property based testing library in Ruby, although it would be useful to have one.
Even so I'm guessing that property based testing in practice would be too resource intensive to test the entire application with it? You'd probably only test critical domain logic components and use regular example tests for the rest.