Is a caloric deficit the same as simply burning calories through cardio?

Up until about 6months ago I have been in a lean bulk with a very strict diet, but have since let loose because I didn't enjoy not being able to eat a hamburger or drinking on weekends, so have since gone with a more IIFM approach (I say this loosely). Basically, I shoot to get ~150+ grams of protein (I only really count protein rich foods, don't really count for others like grains and oats, so it's likely higher), then a fair amount of goods fats and carbs. If I had to give a ball park estimate, I'd probably say my diet consists of 40% protein, 40% carbs, 20% fats; then at least 95% of what I consume are whole foods.

Now I've still got a fairly well defined core, but have developed some sweet love handles and want to get rid of them. In a perfect world I would like to just up my cardio instead of having to cut back on calories because I have no interest in actually measuring out my meals unless absolutely necessary, so here's my question.

Is burning 500 calories from cardio the same as eating 500 fewer calories? I feel like the obvious answer would be yes, but I feel like the logical answer would be no.

Also I plan to do cardio in the early morning, should I be running on an empty stomach (trying to minimize muscle loss while maximizing fat loss). And what's the maximum distance I should be running at a steady pace?