No, not really. The business end has greater lever action and hits harder, aside from being sharp. Would you rather be hit with a stick or an axe?
I would like to just take a minute to point out something you have completely missed.
The business end of an axe has both a sharp bit and a blunt bit.
Regardless of that, the axe is the same length whichever way you hold it, your arm is the same length whichever way you are holding the axe, and your muscles are the same size whichever way you are holding your arm. Therefore, it doesn't matter whether you hold it from the handle or the business end, or which side of the business end you hit someone with, it will have provide the same torque and hence EXACTLY the same lever action as it would otherwise.
Now then, on to pressure. If you hit someone with the sharp bit, then they will experience a force on their arm which, due to the small surface area over which that force is applied, will mean they experience a large amount of pressure. Possibly their skin will break.
As the force you can apply is absolutely constant, if you hit them with the blunt end with larger surface area they will experience less pressure, and so their skin is not as likely to break as if they had been hit by the axe head. They are unlikely to really care about that, however, because exactly the same amount of force has just been applied to them. The sharp part of the axe head doesn't hit harder than the blunt bit at all, it just applies the same force in a smaller area.