No - it's generally a copper compound (unless you're talking about landscape timbers). PT lumber is put in a bath containing one or more of the following in a solution with water: "Chromated Copper Arsenate (CCA-C), Alkaline Copper Quat (ACQ-C, ACQ-D, ACQ-D Carbonate), Micronized Copper Quat (MCQ), Copper Azole (CBA-A & CA-B) and Sodium Borates (SBX/DOT)." High pressure is then applied and the chemicals are forced into the pores in the wood.
I think you'd be able to smell chlorine, and I would also think it would degrade the wood. I'd stay away from PT lumber - the pressure treatment is mainly for keeping insects away, it is no more waterproof that regular lumber. PT feels 'more dense' than regular dimensional lumber because it is usually quite wet. If you build something like a tank stand that requires fairly close tolerances with wet wood, when it dries out you can have all kinds of problems - shrinking, bowing, cupping, etc., throwing your dimensions off.