No. There are two separate "features."
The first one, the one you are describing, is just a local self "censorship" for child uner 13 accounts. This is opt-in basis, so you can just ignore it altogether if you want to. Most kids will lie on the birthdate on online accounts anyway, so they can get full features. This uses ML to "guess" some photos, and blurred it out and put out a warning if it thinks it's something offensive. That's about it. And the important part, it's OPT-IN. That's the key. You as a parent, will make the conscious decision whether to enable this or not.
The second feature, the CSAM part, is forced on your with iOS15, at least the on-device scanning part. There are two phases of the process. First, your device with iOS15 with scan and see if hashes of your photos will match with its database built-into iOS15. This will be done whether you want it or not. There's no way to opt out other than to stop using iPhones (and later, macs). If there are positive matches, the iPhone will generate vouchers. If you don't use iCloud photos, the process stop here. If you use iCloud Photos, after a certain threshold (Craig said 30), iCloud will flag the account and those positive vouchers and the photos will get decrypted to be reviewed and reported to authorities.
The first feature, I have no issues. It's an opt-in, meaning us, the users, have control whether we want to use the feature or not. The second feature, I have issues with, since the on-device scanning part is compulsory when you upgrade to iOS 15. The database is coded into iOS15, and it's opaque. There's no way for you to know what's being scanned (Apple doesn't know either, they rely on the hashes from other parties). It's like you're being searched for "illegal" stuff without you knowing what's illegal. Then on the iCloud part, Apple doesn't indicate a way for appeal process. It's basically you're trusting Apple to be the judge and jury based on something you cannot even check by yourself. This is the chilling part, especially once we consider what can be deemed illegal in some countries.