Not really, since not every planet was sending their resources to power the Republic/CIS war machine. The various companies were profiting from both governments buying their equipment, and the IBC was profiting from interest on loans to both parties (though I'm kind of suspicious since they were allied with the CIS in Attack of the Clones).
Most of the work for the republic was handled by a mix of Bactoid and the Kaminoan cloners (though later on in the war extra facilities are created).
Also, this war was designed/orchestrated by Plagueis, Sidious, and Tyrannus. It's designed to weaken different factions and planets to allow for Sidious to become Emperor and to wipe out the Jedi Order.
A better example of a total war would be one of the old republic wars, like the Mandalorian War or the Jedi Civil War, where resources were diverted away from typical uses to military uses.