Somewhat, yes. Electrical currents generate magnetic fields. This is a fundamental thing in Physics, not much I can explain about this.
Now, things don’t like to change state. If you apply a force on something, it will push you back. Same thing if you apply a moving magnetic field to something. It will, if possible, create an internal current that creates a magnetic field that resists that movement. We call this current an induced current, since it was generated by the external magnetic flux. Basically, moving magnetic fields make things magnetic too, but opposite, by inducing a current within said thing.
Regenerative braking basically uses electromagnets (magnets which can be turned on and off at will) to make the spinning wheel magnetic. This causes the part of the brake that is on the car to naturally create a resisting field. That resisting magnetic field slows down the wheel and the induced current can be captured into the battery.
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