Yes, but when the Ptolemy's found themselves with Egypt as booty from the carved up conquests of Alexander the Great, what did they do? Put on the headdress, of course, and declare themselves the new Pharaohs.
Just like the Holy Roman Empire was krauts all the way down, and not Roman at all; you go with the theme.
The Ptolemy's were kings of Egypt, not Pharaohs. Cleopatra was the only Ptolemy to take the title Pharaoh, which was a religious title. She was the only Ptolemy to speak Egyptian or to take any interest in the Egyptian religion.
Imagine if one of the British colonies had survived, but Britain itself had disappeared. That's more or less what Egypt was like during the reign of the Ptolemy dynasty.