No, it is not.  It is an actual geographical location, just as Heaven is.

It is located in the center of the earth currently, according to 49 different verses in the Bible.  I will list 10 verses here:

1. Ez. 26:20 – lower parts of the earth

2. Num. 16:32-33 – earth opened her mouth down to sheol.

3. Is. 14:9-10 – hell from beneath

4. Amos 9:2 – though thou dig into hell

5. Is. 5:14 – hell, they shall descend into it

6. Ez. 31:14 – lower parts of the earth, with those who descend

7. Ps. 63:9 – lower parts of the earth

8. Matt. 12:40 – so shall the Son of man be 3 days and 3 nights in     the heart of the earth

9. 1 Sam 28:13 – I saw gods ascending out of the earth

10. Luke 16:22-23 – Abraham's bosom and in hell he lift up his eyes, being in torments and seeth Abraham afar off, and Lazarus in his bosom.

In John 14:2 – Jesus said He "goes to prepare a place for you."  The word for place in theGreek is "topos," which means "geographical location."  So Heaven is an actual place.  Now in Matt. 25:46 Jesus says, "These will go away into eternal punishment, but the righteous into eternal life."  In this verse, He compares the one to the other.  In other words, you can't have one group going to a geographical location and the other to a "state of mind."

Also, in Luke 16, the rich man was separated by a "great gulf fixed."  That is a geographical description – not a state of mind.

Jesus descended to the lower parts of the earth, and spent 3 days and 3 nights in the heart of the earth. (Eph. 4:9; Matt. 12:40).

1 Sam. 28:14-16 mentions Samuel ascending out of the earth. Samuel was in Abraham's bosom, which was the same place in Luke 16 where the rich man was separated from Abraham and Lazarus.

Rev. 5:13 mentions everyone in Heaven, and on the earth and those under the earth, same as Phil 2:10  After Judgment Day, Death and Hell will be cast into the lake of fire, (Rev. 20:13-14) into outer darkness (Matt. 25:30).  In Rev. 9:2, the demons come up from the bottomless pit during the tribulation period and smoke comes up with them and darkens the sky. It is real smoke from a real fire down in the earth.

In Ez. 31:16, it mentions, "Down to hell, with them that descend into the pit" in the neither parts of the earth. The word "nether," according to Strong's Concordance means "lower, depths, below sometimes referring to the underworld."