I don't think so, no, but not by a lot, more like 0.5 to 1 points less than it if Visage is an 8 game. Visage played with the environment and kept you tense little by little, which was perfect. Madison exaggerates it by quite a lot(less environmental, more monster popup), and I'm not kidding when I say A LOT. There are moments where the game just spams you the cheap scare popup in your face every 2 minutes until you progress/solve the puzzles, which can take a bit depending on your solving skills. It is a game NOT recommended for the weak-hearted individual, and you may get bored of getting spammed with scares, however if you do enjoy them and you like getting scared like I do, you'll like the game. The puzzles were ok in difficulty with a few exceptions that were just stupidly obtuse, but Visage had that issue as well at some point. Also just an fyi, no fov option and it has some limited motion-sickness settings, but overall it felt a bit wobbly when you're moving, so take care on that if you have issues with motion. I'd get it on sale tho, it's very short ~5 hours.
Luto is a lot less scary, but it's the best out of all 3 when it comes to messing with you through narrative/environment. It has some absolute genius moments. So Visage > Luto > Madison.
