That is similar with stocks. I'd say the difference is that PolyMarket has an end date where everything gets resolved one way or another. Stocks can go on forever.
Oh you're right, it is basically the same, the undervalued stock is the one to buy. I guess I was thinking about another difference which is that the value of stocks seems more vibes-based and a really stupid product (from the investor's perspective) can sometimes become popular. In prediction markets the outcome is more concrete.