In my mind its not the same. If growth is stock value then this is incorrect because of compound interest in stock price.
$100 stock price after one year would be $105 and a dividend would be $2
the stock would be
$110.20 (Compound Interest) and would the Dividend really go up in lock step with the stock price?
Well probably not, but if it did then maybe you could call it the same.
Even if the dollars are the same the growth rate is more variable than the dividends so its valuable to segregate the two.
I am open to criticism, my answer is based on my personal experience and would love to hear contrary positions on this.