"Comparable" is a relative term. Some will undoubtedly say yes it is. I do not. It's hard to describe, but I simply do not enjoy the S7 Edge, yet I loved my Note 7 and can't wait for the new one. The Note has a better "Always On Display", it has a much better feel in the hand, the Edge screen is better (on the calendar edge screen, I get a full calendar view off to the side on the Note and on the S7 it's just the day's tasks.), the S7 edge doesn't come in the awesome coral blue color, no iris scanner which I thought was no big deal, but man I am surprised at how quickly I adapted to using it and now miss it.
I understand completely that most of what I've said here is completely subjective, but no, the Note 7 is not just an S7 Edge with S pen. It is far more.