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).
How can it show proposed changes if search doesn't match anymore after edits?
You search for OLD, replace it with NWE, then notice the typo, delete 2 chars and type EW. How can search and replace help you here without searching for NWE anew?
Yeah, do try it out to at least see the difference