Yes. The Audacity algorithm is a granular time-stretch, whereas PaulStretch is an FFT Transform for time-stretching.
Depending on your needs, you'd want to favor one over the other. Granular stretches are far less CPU intensive and have significantly lower latency than an FFT Transform. The granular algorithm will likely have better transient fidelity at small time-stretch intervals (between 0.5x - 2x speeds), whereas FFTs tend to smear the transient information.
Where FFT transforms really excel is in maintaining or transforming formants and harmonic information. Especially at extreme pitch or time settings. Granular algorithms can only stretch so far before you hear the artifacts. FFTs are far more graceful for dramatic transforms.
Depending on your needs, you'd want to favor one over the other. Granular stretches are far less CPU intensive and have significantly lower latency than an FFT Transform. The granular algorithm will likely have better transient fidelity at small time-stretch intervals (between 0.5x - 2x speeds), whereas FFTs tend to smear the transient information.
Where FFT transforms really excel is in maintaining or transforming formants and harmonic information. Especially at extreme pitch or time settings. Granular algorithms can only stretch so far before you hear the artifacts. FFTs are far more graceful for dramatic transforms.