Not really. Euro cash today is paper / plastic banknotes and metal coins. Your account in the bank is not really cash you own, it is more like the banks liability towards you.

If your bank fail, you loose the money you held in the bank (except the insured amount). If you have some cash, that's independent from any private company, and it must be accepted everywhere. Digital Euro should have the advantages of cash and the comfort of electronic payments, too.