Possibly, but for the greatest time he did think the Silm. would be published with LotR, so could be a bit of both.
Seriously though, Wilderland is a Hobbit-sized Belriand. Just look at all the Silmarillion ideas present in the Hobbit, albeit in much reduced form (to start with, we've got Negegorth/Elvenking's Halls, etc).
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