The short answer to the OP's question is yes...and no. Both companies are fighting for customers who are seeking very similar products. Heritage has a LONG way to go to catch up to Gibson's long-established market 'ownership'. That was a given back in 1984 and remains the case in 2019. Even with the new owners at Heritage and a huge infusion of Bandlab cash, Heritage remains pretty much a little known guitar maker on the world stage. I still find myself telling their story to folks admiring my Heritage guitars. Yes, they've gotten some good...no GREAT press recently, but market share remains tiny for our favorite guitar maker.
Gibson and Heritage are both going through a necessary and calculated brand reboot. They both decided to slim down their model lines and dramatically increase pricing for their respective Custom Shop models. Have you checked prices of Gibson archtops lately? They're in nosebleed territory. Even a laminate bodied Tal Farlow or ES175, prices are ridiculous. And don't even ask for the price of a new L5 Wes Mo. And wait times are between six months to a year to build one. Yes, Heritage archtops and other custom models are priced high, but nowhere near Gibson's. The modestly priced Heritage custom builds are a thing of the past. If you have one...or two, enjoy them. Otherwise, keep scouring the used market for a unique Heritage custom model. And don't delay. They too are going up in price.
My point is to not worry so much about the pricing and models of each company. Each is doing their own thing and trying to make a few dollars along the way. Just the same as Collings, PRS, G&L, Reverend, etc., etc. are doing. Each company is trying to build the best product they can, pricing them to attract new and former customers, and trying to keep the factory lights on.
The latest creations from Heritage appear to have addressed some of the former QC 'issues' that the original owners let slide by. Word is that Heritage is building some of the best guitars they've built across the board, even though there are fewer choices. But that is a good thing. And the discerning guitar buying public will get it...and hopefully come to Heritage for their next electric guitar. Hopefully they'll walk away knowing that they got a great value, no matter the price compared to other builders...including Gibson.