No, SharePoint Migration Tool (SPMT) can only migrate on-premise SharePoint to SharePoint Online. On-premise to on-premise or online to online is not possible.
The SharePoint Migration Tool (SPMT) is a free and easy to use migration solution to help you migrate content from on-premises SharePoint sites to Microsoft 365.
Source: Overview of the SharePoint Migration Tool (SPMT)
There is no alternative free tool.
ShareGate or, AvePoint DocAve or Quest Content Matrix can achieve this but they are commercial tools.