Well, yes and no: red velvet gets its chocolate flavor from cocoa powder alone, while such typical chocolate cakes as devil's food and German chocolate get their flavor from a combination of cocoa and bar chocolate. I prefer the latter, as it tends to be a richer, deeper, and more moist flavor than "old red".
Wow! I was absolutely clueless. I generally don't like chocolate cake because I think the chocolate is too overpowering but I really like chocolate cake with cream cheese frosting. This explains it all :)