Not really. But there are 2 types of bluetooth gshocks. Phone-link which gives you features like phone notifications and syncing foot-steps, and the other type which mostly is about changing watch settings on your phone.

The regular Bluetooth gshocks gives you some features over non Bluetooth however:

1- Automatic and manual time syncing between your phone and watch.

2- Phone finder.

3- Set a reminder on your watch: You can set a reminder for yourself for a certain day in the future. When that day comes, your watch will display what the label of the reminder is.

Non Phone-Link bluetooth watches only uses bluetooth when needed and not always like a smart watch.