Please cite sources. Thank you!
I assume you're asking about the Republic of the Seven United Netherlands (1588-1795), not about the short-lived Batavian Republic (1795-1806). In which case the answer is a resounding no.
The system
The United Netherlands, or simply the Dutch Republic, had a tiered system of government. Cities and local nobles sent representatives to the Estates Provincial of their province; the provinces in turn were represented in the Estates General.
The word estates comes from its medieval origin as a representative organ of the three estates – nobility, clergy and commoners – that could negotiate with the feudal lord of a province. The general part means that this body represented all provinces "in general", not any single province "in particular". The first Estates General in the Low Countries were convened in 1464 by Philip the Good, Duke of Burgundy, who was lord of several provinces and figured it would be more efficient, and strengthen his own hand, if he negotiated with all of them at once rather than basically touring them all asking for money.
I stress the pre-Republican origins of these bodies because it's important to realise that the Dutch Republic's system of government was mostly a continuation of earlier forms of local governance. The novel thing was that they had removed the feudal lord, whose power these "estates" were meant to keep in check, from the picture. Also, the balance of power grew ever more lopsided in favour of the cities, especially in the coastal provinces; the province of Holland was the most egregious example, with an Estates Provincial consisting of eighteen representatives of cities and a single noble representing the province's entire countryside.
These cities were not governed very democratically either; they were run by oligarchies of wealthy merchant families. City councillors were usually appointed for life; if a seat on the council fell vacant, a new member would be appointed by co-option, i.e. by the sitting members – not by any outside "electorate". Fertile ground for an old boys' network. The members of such an urban oligarchy were known as "regents" (not to be confused with "regents" in the royal sense).
Defying the divine order
A bit more on the "removing the feudal lord from the picture" part. By 1543 the Habsburg monarch Charles I of Spain (AKA Charles V, Holy Roman Emperor) had consolidated power over the Dutch provinces, a motley collection of counties and duchies. It was his son Philip II, who had inherited the Spanish crown and his father's possessions in the Low Countries, who found himself "removed".
Philip had made himself very impopular among the Dutch elites with his high taxes, violent persecution of Calvinists, and attempts at centralisation of secular and ecclesiastic power. Starting in 1566, open revolt against his rule broke out. You asked about the political system of the Dutch Republic and not about its birth pangs, but one milestone that must be mentioned is the Act of Abjuration (1581). In this document, the Estates General formally deposed Philip as their sovereign, explicitly and principally declaring that they had this right because of Philip's misrule. This was revolutionary for its time: as far as the Estates were concerned, a king did not rule by the grace of God, but by the grace of local elites (i.e. themselves).
The Estates General attempted to appoint foreign nobles as figurehead rulers – the Duke of Anjou, the Earl of Leicester – but they proved unable to handle the complex politics of the Netherlands with their assertive cities and provinces. Finally, in 1588, the Estates decided to take matters into their own hands and rule the Netherlands as a Republic. Note, thus, that whereas their opposition to any given monarch's divine right to rule had taken on a principled character, they were not principally against monarchy in general; they switched to a republic only after they had tried and failed to retain a monarchy at least in name.
Orange on top
A curious remnant of the old monarchical system was the office of stadhouder, usually translated to "stadtholder" or "steward". These were originally officers who would "hold the lord's stead" in a given province, ruling the province in his stead because a lord with many holdings couldn't attend to all of them at the same time. The Republic retained this office, although there was no longer any lord to represent. In principle, the Estates Provincial of each province appointed a stadtholder; in practice, stadtholdership of different provinces was combined so that there were rarely more than two stadtholders at any one time, and historians often refer to whoever held Holland and Zealand (the richest and most powerful provinces by a long shot) simply as "the" stadtholder.
Stadtholders were always drawn from the House of Orange – the descendants of William of Orange, the venerated leader and martyr of the revolt against Spain. For much of the population (especially the common people who had no say in political matters anyway) this gave them an aura of prestige similar to that of a king. The stadtholder had many traditional powers and privileges, most significantly command of the Republic's army. In practice, power shifted back and forth between the stadtholder and the Estates-General in a series of disputes with varying degrees of bloodshed.
Legacy of the Republic
Interestingly, the current Kingdom of the Netherlands retains the formal names of "Estates General" and "Estates Provincial" for its national and provincial legislatures, respectively, in a nod to the traditions of the old Republic. On the other hand, the term "regents" resurfaced in the leftist movements of the 1960s as a pejorative term for officials who feel entitled to their positions of authority and are out of touch with the concerns of ordinary people; it is still occasionally used in this sense today, showing that at least in hindsight the old urban oligarchies are viewed as anything but democratic.
TL;DR: No. There was a system of tiered representation, but the lowest tier of the pyramid was firmly controlled by oligarchies rather than any sort of democracy. Also, the office of stadtholder (which looked an awful lot like a hereditary monarch in practice) weighed rather heavily on the Republic's politics at times.
Sources:
P.S.: It may look like I'm using "Netherlands/Dutch" and "Low Countries" interchangeably, but it's actually slightly more complex than that. I didn't want to bother you with a geographical treatise that would be at least half as long as this entire post, but I'm happy to provide that bit of background if you're interested.