Depends on the visual makeup of a game.
Image quality is fairly perceptual, so even games with "lower everything" in terms of on-paper settings can sometimes feel like they have superior image quality, if their visual makeup less prone to aliasing or some such business.
Also, some configurations just plain make more sense for some visual makeups. If a game has tons of issues with jaggies but very few issues elsewhere, a 2xMSAA might be nice; if the jaggies aren't so bad but you've got normal-mapped specular reflections shimmering like crazy, a 2x temporal supersample might give better results.
Equal? No. Sometimes the results might overall "look better" at lower resolutions with higher AA (720p with 4xMSAA is going to have much more stable geometric edges than raw 1080p, for instance), but using higher resolutions allows you to achieve greater raw clarity.