Not a synonym,
but much more complex, and yes, with the same result.
Further, a lasting open with exec (until there is a close with another exec) is more complicated than redirecting a code block a la post#2
The loop is a code block; when redirected then the open occurs when the code block starts, and the close occurs when the code block ends.
BTW a { } forms a custom code block:
Code:
{
read line1
read line2
} </etc/group