Sim, eles são equivalentes no aspecto de ambos fornecendo o mesmo resultado, permitindo apenas o acesso a partir de 127.0.0.1. Deixe-me citar a parte relevante da documentação na diretiva Order .
Allow,Deny
First, all Allow directives are evaluated; at least one must match, or the request is rejected. Next, all Deny directives are evaluated. If any matches, the request is rejected. Last, any requests which do not match an Allow or a Deny directive are denied by default.
Deny,Allow
First, all Deny directives are evaluated; if any match, the request is denied unless it also matches an Allow directive. Any requests which do not match any Allow or Deny directives are permitted.