They are, in general, but because they are different species their cognitive and sensory abilities diverge in some areas.
Cats have much better visual processing and memory formation and a naturally cautious and curious nature. They also depend on their whiskers to figure out exactly what stuff is.
Dogs have superior reasoning skills, but inferior visual processing and memory formation. Their caution manifests as immediate and continuous panic. Dogs can understand language somewhat, while cats can't.
Both are pretty dumb. "Superior reasoning skills" is like saying a 3 year old has better reasoning skills than a 2 year old.
The real smart animals are horses.