No, I think we're talking about different things.
With Erlang, any function that matches an argument signature can be passed to a function that can take a lambda. But with Erlang, a given function can take more than one lambda at the same time as an argument. The closest analogy I could think of with the Java approach is to override *multiple* methods with a single lambda specification, not jujst one.
So it's not polymorphic in the sense that I think you're describing. It's just a broader-scoped implementation.
For example, you might define one lambda in Erlang that gets the next value from some abstract container to be defined by the programmer. You might define another lambda to compare elements. The lambda-receiving function sort() accepts both, producing a sorted list based on the arbitrary "key" of the lambdas. I don't see any way of doing that with the Java approach, because there is no way to specify multiple lambda arguments for the implementation of sort().
In "normal" Java you could do it by expecting two interfaces for sort()'s arguments, so perhaps you could then specify lambdas of the interfaces, but I'm not sure. I'm pretty sure Java would mandate that you use classes, not interfaces, which kind of limits the generic approach that Erlang offers.