Not exactly,
(gc:TMatrixFromTo zvec1 zvec2) is equal to:
(mxm (gc:TMatrixFromTo v1 0) (gc:TMatrixFromTo 0 v2))
where mxm Vladimir Nesterovsky's multiply/combinates two matrices.
The matrix multiplication is not commutative. If we look at a matrix multiplication as the composition of linear transformations we have to consider the transformations order: the first transformation is described by the right hand in the multiplication, the second one, by the left hand.
So,
(vla-TransformBy obj (vlax-tmatrix (gc:TMatrixFromTo zvec1 zvec2)))
is eqivalent to:
(vla-TransformBy obj (vlax-tmatrix (gc:TMatrixFromTo 0 zvec2)))
(vla-TransformBy obj (vlax-tmatrix (gc:TMatrixFromTo zvec1 0)))