We think so!
You're absolutely correct in that your students and teachers would be able to access eBooks through their public library provided that their public library has access to Overdrive.
The K-12 Shared Sora Collection of eBooks and audiobooks collection for schools only contains titles that are appropriate for a K-12 audience with a reading interface (Sora) suited for a K-12 audience. Your public library's Overdrive collection and interface that is geared towards a public library audience.
This is also a participant-driven program. Participating libraries have a voice in program priorities and in content selection.