According the the Winchester data, they are very similar but not identical. The WT-12 wad is a lower cost item. I have used both over the years and did not notice a difference.
Answer...No. Most of the reloading data allows you to substitute for AA, but not all powders. WT-12 wads and 17 Gr. Red Dot was a max load w/ pressure close 10,500 in a AA hull. They also have more felt recoil (per local club survey). Best always load per the manual.
I have heard some reloaders complain that they don't pattern as well in the colder temps, as the WAA12 does. I have used them with no problems, or plastic fouling.
Worst plastic fouling I ever saw was from whatever wad they use in factory Winchester steel waterfowl loads. What a pain to clean the barrel! For some reason I don't get that problem with the Kent steel loads though.
They are better than regular AA's! Have used many thousands, use them with exact same loads. The petals on the shot cup don't fold over all the time like they do on AA's. I don't like the thought of some BB's falling outside the shot cup in the reloader. Probabaly none of us can imagine how much that happpens with some wads. BUT, blue dusters are great too!
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