No, it's still a Souls, every move you make you have to commit to, and the consequences are yours to deal with. It's just that said commitments are a lot shorter.
Quick example, DS1 had you stand there for a full two seconds or so while you chugged Estus. Completely still, easily punishable, incredibly backstabbable. DS3, you can still be moving a bit (hell, the most common PvP way to ward off backstabbers while chugging is to spin in a circle while you chug), the sip takes half the time, and you can just roll out of the tail end of the putting-the-flask-away animation if you're in danger.