Not really, it only does it for the first edit, while multiple cursors offer continuous feedback for all further besides, search/replace has extra toolbar and usually can't as easily select, for example, "current Identifier under cursor" if those are different, so it's worse before the first edit as well
I'll have to try that out sometime. Never used multiple cursors. However, search/replace with vim/neovim isn't just the first edit either. It highlights all matches and shows you the proposed changes as you type as well. (It is probably a configurable thing).