No and yes.

Most regulations are based on the assimilation capacity of the receiving body which is nerd talk for "how much pollution the water can take before it starts showing signs of harm". So you treat to that, nature does a bit more, and then the drinking water plant takes water from an ideal place.

Most wastewater plants just speed up nature.

The history of centralized treatment is super fascinating because it centred on what the problems were when it was established (very late 1800-early 1900s) whereas drinking water treatment really has changed more to deal with how our understanding of human health has changed. They don't really match up!