Most of Creative's AWE32 cards do use a real Yamaha OPL3 chip for FM synthesis, which can produce two-or-four operator voices. The latter of those can approach the quality of the voices in their DX7-family line of musical instruments. Even the older OPL2 chip that is limited to two-operator voices can sound great when programmed well (not that I'd call it realistic-sounding).

The other synth chip on the AWE32 is the Ensoniq EMU8000. That one does sample-based synthesis as you describe above.

Just wanted to note that Creative misappropriated the term wavetable synthesis when they marketed this and other sample-based synthesis cards of theirs, and the misnomer spread widely to the products of other companies and persists to this day.