Yes, more or less.
The expression “people of Israel” refers to the nation descended from Jacob (also called “Israel”).
The word “Hebrew” has a wider usage. For example, Abram is described as a “Hebrew” (Gen 14:13). It is sometimes suggested that “Hebrew” derives from the name “Eber”, who was an ancestor of Abram (Gen 11:16) – this might suggest there were more Hebrews than just the Israelites. However, from the book of Exodus onwards “Hebrews” seems to refer to just the people of Israel.