Yes and no.
It is a different procedure and generates a single test for the hypothesis that there is no effect on the combination of the two dependent variables. In the multivariate context, GLM also allows one to test multivariate linear combinations of the dependent variables, providing a different approach to repeated measures analyses than you would get in MIXED modeling.
As a side effect, it also does the two ANOVAs, with a caveat about missing values. GLM does listwise deletion, so you will get different ANOVA results if the dependent variables have different missing value patterns than you would get by running the GLM procedure once for each dependent variable.
Doc Muhlbaier