No, it did NOT define them as "natural born Citizens. Read the act carefully. The language used was "Shall Be Considered as" natural born Citizens. Regardless, the congress realizing their error, passed the very same naturalization act again in 1795, striking the "natural born Citizen" language and changing it to "Citizen".
Meaning the same rights and liberties that a natural born citizen possessed were now possessed by the former alien as well, with the one exception of being elected POTUS.