Not in the least. While Space does have a few delay-type sounds, that isn't its main strength and as a delay pedal, it isn't very versatile. You can get a basic reverb out of the TF, too. But again, reverbs are not its strength (not by a long shot), although it's not accurate to think of Space as a reverb-only pedal, either. Space is more, well, an "atmosphere generator" or something that creates soundscapes, environments, moods, textures, other worlds. Where I typically think of reverb as a way to recreate a room or put the source in a place, and Space certainly can do that, that's only the beginning of its capabilities. It's really more of a multi-effects box where all of the effects work together in one algorithm to create a lot more than the sum of its parts.
Honestly, I use the PF for delays as much as I do the TF and could get by with only one of those two (depending on whether I wanted pitch shifting or more control over the delays). Technically, there are a few modulation type effects in all the Factors, so again, I could get by without the MF, too, if I had to. If I could only have one pedal, I would almost certainly go with the Space… If I could only have 2, it would be Space and the TF. However, all 4 work so well as a system, it would be a tough choice. (FYI, I do own all 4 and use them all together… they're completely addicting.)
I would encourage you to try out the Space, if you have the opportunity. Any overlap between any of the 4 Factors isn't much. They all have their own strengths. In my opinion, the Space and TF compliment each other very well.