Translation:Do you play sports on the weekend?
Pretty much although there are certain things that one is used more frequently for over the other. A few examples - where there are verbs that mean do 'noun' ie. noun + a verb that means do - I've only ever seen this done withします not やります - べんきょう します - to study, りょこう します - to travel. Making verbs politer by adding an honorific 'o' + a verb derived noun (technically verb stem plus base 2) + a verb that means to do - はなします becomes おはなし します - I've never seen this done with やります. Sometimes certain sports use やります. That's a few examples I can think of off the top of my head : )