Most of the time. As long as you didn't refuse the breath test at the station, a deferred prosecution will allow you to keep a picture driver's license (probationary) for the 5 year deferral period. (looks like a regular license) SR-22 insurance will not be required. However, you will still be required to have an ignition interlock device on all vehicles you drive for a certain time period (1, 5, or 10 years) - depending on your DUI history. (there is an exemption for work vehicles, but your employer must complete a declaration for DOL)
Remember, an ignition interlock license is available now for most people and may be a better option for your particular situation. (is not a picture license and requires SR-22 insurance) You should always consult with an experienced DUI attorney before making any decisions.