In some ways, but the ability to erase a pencil mark is a huge issue with ballots.
IMHO, pens with tamper resistant ink, plus a process for making an exchange for a new ballot paper in case of a marking error, is a much better choice.
Canada uses pencil too. Erasing ballots and remarking them is never an issue, why would it be?
The security is in how ballots are treated, how they are monitored and handled, not how they are marked. It's never a problem that they are in pencil. Ever.
If someone has an opportunity to monkey with the ballots? The system has already failed.
As I said in another post, if you think you found a hole, it's because you didn't research what's actuallly happening.
(Aside: it’s actually pencil and paper since pencils are more reliable. https://www.aec.gov.au/faqs/polling-place.htm#pencils)