No. Proper different letters. Have nothing with A and O respectively to do. In fact Å subs for the O sound in many other languages. So eg English "long" would be in Swedish "lång" and funnily enough are pronounced pretty much the same.
I think the fact that Danish and Norwegian layouts swap around the ae and ö disqualifies from any further discussion.
Why is that anyway? Any ideas. Just a "Well we can't do it the Danish way because we are Norwegians damit!"? Would make scandinavian keyboards less messy for one.
Hahahaha.