Yes, in a general way, but the story has been "sexed up", and elements of the plot, set design, and costumes have been changed to middle-to-late 20th century America, with a TV set included in the production design. They are quite garish, and may strike some as being funny, others might find them very tacky. But Marie (or Clara, whichever you prefer) still gets a Nutcracker, it still breaks, the mice still attack at midnight on Christmas Eve, and the Nutcracker still turns into a human.