Yes, buoyancy force is just another contact or "reaction" force which prevents two objects (eg a floating object and the fluid it floats in) from occupying the same space. Microscopically it has the same origin as all contact forces : the repulsion between molecules which are squashed together. The fluid reacts by getting out of the way. A solid cannot get out of the way because it does not flow. It reacts by getting compressed.
When you lower a block onto a solid surface, the surface deforms. You don't notice this with rigid materials like steel,concrete and wood, but it is still there as surely as it is with softer more elastic materials like rubber and sponge. The reaction force increases as the deformation increases, until it equals the weight of the block. The block "sinks" into the surface and the reaction force is a kind of "upthrust". The surface exerts pressure on the block which increases with depth.
When you lower a block into a liquid, the reaction force ("upthrust") increases as more liquid gets pushed out of the way. The block comes into contact with liquid at a greater depth, where the pressure is greater. Eventually it comes to rest when the upward pressure force ("upthrust") equals the weight of the block.
In both cases Newton's 3rd Law applies at all stages as the block is lowered onto or into some material, whether solid or liquid. At each stage the reaction force from the material on the block ("upthrust") equals the force which the block exerts on the material. If the "upthrust" at the current depth or deformation does not equal the weight of the block, there is an unbalanced force on the block, which moves further down.