Not really, although in more recent years pancake day has also been used a lot more for marketing purposes.
Shrove Tuesday (AKA. Pancake Day) is part of the Christian calendar and marks the start of
Lent when Christians traditionally fast, the day after Shrove Tuesday is actually called
Ash Wednesday which is a Christian day of peace and also the 1st day of Lent. In short pancakes were seen as a perfect way to use up eggs, fats and other ingredients that would have otherwise gone to waste in order to have a feast before starting the Lenten fast.
There is a lot more, please take a look at the history:
http://www.historic-uk.com/CultureUK/Pancake-Day/
PS:
Lent is traditionally described as lasting for 40 days, in commemoration of the 40 days
Jesus spent fasting in the desert when he endured temptation by
Satan before beginning his
public ministry (according to the
Bible, for more info please see
Temptation of Christ), but did you know that Lent lasts from
Ash Wednesday to
Holy Saturday (the day before
Easter Sunday) which is actually 46 days, not 40? This is because there are 6 Sundays during Lent when fasting is not obligatory, take away 6 Sundays from 46 days and you are left with 40 days.