In general I think so but it depends on the situtation....for example if I am in a crowded street and I have to pass "through" people I would say "Excuse me" and not "I am sorry", but maybe it is just a suggestion that derives from my native language (italian) :D

In addition to what others have said, if you made a major blunder such as, you crashed someone’s car, you would say “I’m sorry” and not “excuse me.” I’m sorry is an apology in this case and excuse me doesn’t work here.

In addition to the other answers: “I am sorry” can be used to express sympathy. For example, “I’m so sorry to hear that your father passed away.”Excuse me” cannot be used this way.

Excuse me can be used to say I am am sorry, but it can be used in other ways. It could be used when someone is in your way and you want them to make room for you to pass or to attract a strangers attention when you want to ask them a question.