No, the Select program is different. If you choose the 70% royalty option, you're automatically in the lending library. A person who buys your book can lend it to people.
Those are different things. The "lending library" is limited to ONE other person, usually a family member, and is limited but given enough time for someone who doesn't start reading immediately to read it. It doesn't allow Prime members to read your book for free, as that's an author selected option (whether they want to release their books to Prime readers). That's because most of the major publishers—and the authors they represent—don't want anything to do with free book giveaways. If Amazon pushed the issue, the major publishers wouldn't allow Amazon to carry ANY of their books, essentially shutting down the entire Amazon book market. After all, who'd go to Amazon if you couldn't find the books you're interested in?