Not exactly, they’re more related to the Arabs who settled in the region after the Rashidun Caliphate conquered the area in the 630s but there was some intermixing between the conquerors and locals who converted to Islam. However it was more common for the Jews to refuse to convert opting to instead pay the jizya and simply not fully integrate into Muslim society
Things got even more fun when the Turks, the Byzantines, and the Crusaders moved in because it turned the area into one of constant conflict. Personally I subscribe to the theory that the reason the Middle East has been so unstable for large periods of its history is because it stands at the crossroads of Asia and Africa and the constant movement of people and ideas creates a fertile breeding ground for fighting
They’ve got Canaanite ancestry but more Arab ancestry because that’s who the early Muslims were. It obviously varies from family to family but the existence of Levantine Arab as an identity separate from Canaanite means it’s a different category. The defining characteristic of the Levantine Arab is the fact that they have a healthy mix of Canaanite blood when compared to their Peninsular and North African brethren but they’re still more Arab than Canaanite
Also, there was never a unified Canaanite identity to begin with, it’s a term applied to closely related tribes that were often at odds. It makes sense that after being conquered by Arabs and having Arabic language and culture promoted to them over centuries that they would begin to see themselves as Arab. Remember that Canaanites used to speak Hebrew and Phoenician, then switched to Aramaic after being conquered by the Neo Assyrians and then tacked Greek on there under the Macedonians