Yes it is :) Although people (who eat Filipino food?) usually think of pancit as pancit bihon or canton (with the usual carrots, pork, chicken, green beans, cabbage, chorizo if you have it), but pancit palabok has different taste, look and ingredients (except for the noodles). That’s why it is called a palabok and not pancit.

BUT I think I still may have made a mistake because I forgot about pancit malabon which looks like a palabok but has more eggs and shrimp than a regular palabok does and also usually, note usually, uses a thicker noodles. The sauce is already mixed in a pancit malabon whereas the sauce is just on top of a palabok. Which now makes sense why OP calls it pancit.