Yes it is and the breast-stroke will increase the strength in your chest more than the other methods. Although none are as good as weight training to build muscle.
As others have said swimming is great cardio and has little to no impact on joints. I you are concerned about building stronger chest muscles then I would swim and also do push ups.
Start doing wall push ups if you are unable to hold your own body weight and then progress to push ups on your knees until eventually you can do normal push ups. There are many instructional videos on youtube for push ups.