No! The arc fault circuit breaker is designed primarily to protect against fires. The GFI circuit breaker is designed primarily to protect against shock.

The National Electric Code requires that all new homes shall have arc fault circuit breakers protecting bedroom circuits.
These breakers sense the stability of current flow through the circuit. When the internal circuitry of the breaker senses a disruption in the current flow, it will automatically determine if the disruption is a normal occurrence or an arcing situation. The breaker will automatically trip if arcing is identified.
Although these breakers are quite costly, you may consider upgrading in older homes to give an early warning of failing wiring.