Very much no. You cannot cancel your attacks mid-move in Ninja Gaiden like in Bayo. When you're committed in NG, you are stuck. Bayonetta is extremely generous on dodging because it's meant for you to abuse specifically to make your combos better.
NG is not. you position yourself, and abuse your attack's i-frames, and wait for the best openings. because dodging is a tool to get out of a situation, not to keep yourself in it.
Hmmm... I thought I explained it better, but it seems I didn't or maybe you read it wrong. I said that Bayonetta reminded me to Ninja Gaiden in the aspect of Agressive AI and Dial Combos aka "Bayonetta = Ninja Gaiden (aggressive AI/dial combos)". PLUS a combination of DMC Styling combos, cancels and Over the top action aka "DMC ( Style/cancels/Over The top)"
So I know that in NG you can't cancel stuff, but the AI is really aggressive, just like in Bayonetta. So that is why I feel Bayonetta is a combination of NG and DMC in some aspects. For better or for worse.