It is! Magazines are a feature in kbin, and Lemmy calls this sort of thing a Community. You’re seeing the kbin terminology here because this thread started on kbin.social. If you pay attention to URLs, that’s also why it’s /c/subredditname on Lemmy and /m/subredditname on kbin.
The other major difference with kbin magazines is that you can configure them to pick up content from Mastodon using a hashtag, and it will show it in threaded format in a separate area of the magazine that’s easy to get to. It’s great for news, giving people an outlet for self-promotion without cluttering discussion, or helping get a magazine started if the topic is popular.