If you mean the original Jewish scriptures (TaNaKh) then yes, it means something different. Sheol means 'grave' in Hebrew, NOT 'hell' as in the xtian mistranslated 'old' testament.
If you mean the new testament, then no, the new testament believes in a literal underworld with the god hades running the show and a river of fire.
Early xtians used the Jewish scriptures to create the old testament, but added the mythology of literal demons and hell, because that's what they believed. Early muslims used the xtian old testament and gospels (but not paul) to create the quran, but added the book of enoch and quoted mohamed (long dead) to create the quran.
xtianity thinks it supercedes Judaism, and islam thinks it supercedes xtianity. xtianity is as odd to Judaism as islam is to xtianity.
Its not that you burn forever, and Judaism has no promise of another life besides this life, but instead celebrates this life. There is a threat that those who reject the God of Israel, since he is the only God, they will cease to exist, will be destroyed for all time, never to return.
No one knows what that means, it could be that we reincarnate and it would be the end of that or it could mean that your line ends - no children. It could also be a threat to all the false gods, that people, when they return to the only God will burn all their false religious symbols, to destroy them.
Whatever it means, it will be something natural, since Judaism believes in the rational and natural order of the universe, no hell, no demons, nothing supernatural happens here and never has.