Yes. The religion does incorporate some traditions "borrowed" from Catholicism, as well as several other religions, but their teaching is clearly opposed to the core beliefs of Christianity, and therefore Catholicism.
I had an understanding of this Santeria as being like voodoo. I read about it in one of Nicky Cruz' books. He said that they have given demons the names of the Saints from Catholic religion.
here is the link I found on line for you to read up on it.
http://www.wisegeek.com/what-is-santeria.htm