No. Schedule SE is the self employment tax that the estimates are suppose to cover. The 1040ES quarterly estimated payments are just like withholding from your paychecks. They are not the tax.
The SE self employment tax is about 15.3% of your Net Profit on schedule C. And since you don't have withholding taken out from your business income you need to pay in some ES estimated payments so you don't end up owing too much on your tax return in April or you have to pay a penalty.
