No, not the MG42. The FG42. The FG42 and the MG42 are two completely different weapons. The FG42 was perhaps Germany’s first attempt at making an assault rifle type weapon, even though the gun that truly fulfilled that role was the later STG44. The FG42 was primarily intended for use with paratroopers. It was designed as a selective fire rifle that would be the same size and weight as the standard issue K98.
The FG42 is notable for the magazine located on the side of the weapon. In addition, it became one of the most influential firearms of all time. For example, the M60 light machine gun that the United States army adopted after World War II was based largely off of the design of the FG42.