The processing is reversed on playback in the preamp, but there's always a mismatch between the source EQ and the preamp EQ, so there's always some tonal distortion. And because the bass gets boosted so much there's added waveform distortion which increases with bass frequencies and makes the bass thicker.
Many turntables also have pitch instabilities.
Hence "vinyl sound."
So no - it's not even remotely accurate. Add scratches, crackles, and pops, groove deterioration - the needle causes enough friction to melt the plastic in the groove - and other artefacts, and it's really more of a lifestyle/collector thing than anything to do with accuracy.
Personally I have enough physical stuff already, and I want less, not more. So being able to store all my music on a hard drive in FLAC format makes me thankful the industry moved beyond vinyl.