No. Permanent press cycle is gentler than a regular (normal setting) cycle.
The regular cycle is going to use the highest heat setting available on your dryer. While it doesn't really shrink your clothes (the hot water in the washer does that), it can melt decorations and set stains and wrinkles.
A dryer on permanent press uses medium heat to smooth out wrinkles as it dries, while avoiding the high heat that can shrink clothes and fade colors.
A permanent press cycle is good for synthetic fibers like polyester, rayon and knits.
Baby diapers, underwear, and cotton linens and towels are examples of items that can be dried on the regular or normal setting because they are typically made of 100 percent cotton. The higher the cotton content, the more heat-tolerant it will be.
Keep your washer in tip-top shape (and make laundry day easier) with these tips shared by Goodhousekeeping.com.