In my experience the answer to this question is both “Yes” and “No.”
“Yes” it is like hypnosis in that you enter a deep state of relaxation.
“No” it is not like hypnosis because there is no element of suggestion involved. With Yoga Nidra you are not trying to change the subconscious mind through suggestion.
You are expanding your awareness through a guided meditation. This meditation is an instruction in becoming aware. You enter a state whereby the body and the mind become integrated and allow the healing that needs to take place to do so.
Yoga Nidra allows you to begin to take command of your own healing process rather than be dependent on a hypnotist.
This is not to say that hypnosis is not of value. I found that it did not work for me when I tried it for experience of anxiety but that is not everyone’s experience.