Not really: the Pig is more like an updated Lewis Gun in its design. The MG42 is roller-locked and recoil-operated and has a really clever barrel changing setup. The M-60 is a rotating bolt locking weapon and gas operated.
The M-60 and the MG42 do share the stamped parts design and the double-coil operating spring in their designs but the M-60 used a cheap aluminum and plastic feedcover and lots of plastic elsewhere. I used one a lot and it was always breaking firing pins/chipping bolt lugs when we least needed it to.
Damn "least-bidder" weapon like the M-16.
The original M60 was definitely a flawed design, but the latest E6 model appears to fix most of the problems.