No–the second condition won’t always be executed (which makes your examples equivalent).
PHP’s &&, ||, and, and or operators are implemented as “short-circuit” operators. As soon as a condition is found that forces the result for the overall conditional, evaluation of subsequent conditions stops.
From http://www.php.net/manual/en/language.operators.logical.php
// --------------------
// foo() will never get called as those operators are short-circuit
$a = (false && foo());
$b = (true || foo());
$c = (false and foo());
$d = (true or foo());