No. While a lot of people do switch to e-cigs then down their nicotine to zero. I'm pretty sure that the health benefits accrue when one switches to e-cigs. The tobacco products kill because of the tars in them that cause cancer and most of the other health effects. Those are eliminated and you are left with a powerful stimulant.
The requisite comparison to smoking is because people are very typically swapping smoking for vaping. And to determine the ill-effects you need to take that into effect. There's likely some people who might take up vaping directly, who might not have taken up smoking. And the stimulants might be able to unilaterally lead to their deaths, especially if they have an underlying heart or lung defect. And those deaths would be entirely the result of vaping. The problem though is you need to take into account the lives saved by the exceptionally common happening of people giving up smoking in order to vape, and even without attenuating any nicotine, get much much healthier in very short order and can run marathons.
There might be additional health benefits to attenuating the nicotine to zero and quitting vaping too, but they pale in comparison to swapping smoking for vaping. The deadly cancer causing tars are not habit forming, in themselves, and can be completely mitigated this way. While I'm not at all convinced it's as benign as coffee, if people took up drinking coffee because it entirely replaced alcoholism and opioid addiction, I couldn't see any moral stance other than welcoming it as a savior. And if we suppose it might be worse for you than coffee, that's okay because alcoholism and opioid addiction combined don't kill as many people as smoking does.
There's not enough research to say how benign it is, but we can say it's more benign than smoking. And that makes vaping a certifiable lifesaver; which is why it must be compared to traditional smoking.