No.
Netflix requires sending all of the information, including the video stream which is what takes up most of the considerable bandwidth.
Online gaming runs much of that stuff client-side; you already have the graphics on your machine and merely needs commands on how to position the stuff that is already in your computer/console.
For example, when watching video on my computer, I have seen my 7Mbps DSL connection running all-out (depending on the quality/resolution of the stream), yet when I play World of Tanks, my network monitor barely blips to one-twentieth that.