No, you're thinking of bounce to TRACK, which does a similar thing to freeze except it doesn't actually Freeze anything.
I'm not explaining this very well.
Bounce to track (if there's a synth involved) will render all of your Midi into Audio (and creates a new track(s))
Freezing a synth does the same the but also removes the synth from memory and doesn't create new track(s)
Freezing a track does the same but also prints your Fx and disables the Fx bin, though parts of this are an option.