Yes, Web Testing and Conversion Optimization Platform are two different products, with different pricing and features.
Web Testing is primarily built for teams that focuses more on running different optimization Tests on their website. VWO Web Testing tools include A/B, MVT, Split URL Testing, Heatmaps, Clickmaps, Conversion Tracking and Personalization.
Conversion Optimization Platform is meant for teams focused on research-driven testing approaches. Using the platform, you can set optimization baselines for your websites, analyze visitors behavior on the website, create testing ideas and hypotheses, and put your ideas to test. Conversion optimization capabilities include Goals, Funnels, Heatmaps, Recordings, Form analytics, Surveys, A/B, MVT, Split URL Testing and Personalization.
For a detailed comparison of features checkout this link.