Yes, rubber dumbbells are designed to weigh the same as their metal counterparts. For example, a 10-pound rubber dumbbell is equal in weight to a 10-pound metal dumbbell. The weight is determined by the amount of material used in the dumbbell, not the type of material.
However, the feel and grip may differ between rubber and metal dumbbells. Rubber dumbbells often have a non-slip surface and are less likely to damage floors if dropped. Additionally, they may have a slightly different distribution of weight due to their construction, but the actual weight remains the same as long as they are labeled correctly.