Yes, more or less. I think of devices like individual components, whereas equipment is made from many devices. It's kind of... being specific as a courtesy, I'd say.
I don't think there are many places where both terms are in use, and distinct? For example, EMC regs are only concerned about EUT, and component testing is only concerned about DUTs. Either one could use "DUT" alone, given a suitable definition elsewhere.
Tim