Under our Constitution, a naturalized citizen stands on an equal footing with the native citizen in all respects, save that of eligibility to the Presidency.
Yes, naturalized citizens are on equal legal footing with native citizens, except naturalized citizens aren't eligible for President and native citizens are.
But I get the feeling you're trying to read something different into that.
That is not how I read it. The constitution makes a distinction between native citizens and natural born citizens with regard to presidential eligibility. Being native born isn't enough. It specifically says natural born, not native born.