Yup. He's the "new" Lorkhan and replaced him in the pantheon, though that's still a gross oversimplification of Talos' divinity and mythical role.
Essentially, Talos' was so good at mimicing Lorkhan that the two became indistinguishable, the only difference being that Talos ain't a "missing" god like Lorkhan/Shezzar is, which is why Talos is considered a "new" divine.