Kinda. The VFD decelerates the motor. The motor is not allowed to spin down under its own inertia. It's very fast. It stops so fast that it makes a clunk. But it's all electric trickery. There is no physical brake.
Also I highly, highly recommend installing a VFD. That's just a cheapo eBay VFD and it made my lathe about 700 times better. There is no comparison between the original machine and the lathe + VFD. Infinitely variable speeds on a dial is incredible (plus all the other features). I just leave it in the middle gear all of the time and use the dial.

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