The short answer is no, chip seal is not as durable as asphalt.
Asphalt is usually between 2.5 and 3 inches thick while chip seal is 1/2″ or less.
Chip seal is often times added to a previously paved surface to extend its life. Chip seal creates a wearable surface while protecting your asphalt. Hot chip oil “CRS2P or CRS3P” is sprayed down on the surface of your existing asphalt and then quickly covered with chipped rock.
Gravel driveways can be chip sealed as well. Asphalt will definitely in ALL cases hold up to wear and tear much better than chip seal. With that said, some chip seal driveways if used correctly can last for decades without needing many repairs.
Chip seal usually costs 1/3 the price of asphalt. So if you are trying to cover a large area and save a bunch of money chip seal is probably the way to go.