Bushido is not quite like Chivalry, for the most part it was used to push an imperial cult during the Meji restoration as they feared during westernization they'd adopt some things like liberalism i.e. getting rid of a cringe royal, that's why they took some rather obscure, for his time, samurai and pushed his philosophy on what makes a good samurai. All spearheaded by Inoue Tetsujirō a huge xenophobe and imperialist that basically wrote the 'modern samurai' into reality, his revisionism and his explicit racism were of enormous use to Japan’s political leaders, who saw immense value in promoting an ideology of militarization, nationalism, and xenophobia, in order to turn the entire country into a de facto army united by fanatical loyalty to the emperor and the goal of imperial expansion. And this weaponized Bushido militarism whatever you want to call it was used as a sort of Manifest Bushido fueling wars of conquest and imperialism all over Asia.

So yes they are both made to lionize a historical knightly/warrior class that never existed however Bushido was pushed quite a bit more than chivalry I think the whole Viking mythos is a better comparison as that one was pushed by the swedes to feel better about losing finland.