Sort of.

The downside from the 'state' from Caps Lock is you have to keep track of whether it's active or not.

Whereas with layers, typically a layer will only be active if you're holding down some kind of "activate layer" key.

Jef Raskin called those "quasimodes" in The Humane Interface (2000) and was in favor of them.

https://en.wikipedia.org/wiki/Mode_(user_interface)#Quasimod...