Sort of. You can do what Zuck did; give your shares more votes, so you stay in control. (He owns 13% of the shares, but more than 50% of the voting power.) That's less doable with an acquisition.
In one case your ownership is diluted by maybe 10%, and you keep full decision making power and everything else. In the other it is diluted by 100% and you are now an employee. They are very different outcomes.