In terms of abrasiveness? I'd say no. It does vary minor work from what I've read. Not something you can use to final polish say a medium compound or polish.
It depends. Can ZAIO with a polishing pad be used in place of, let's say, FP with a finishing pad. Yes and NO. It would depend on the hardness of the vehicles CC. For a daily driver this is a great way to save time. Polish with polishing pad and go to lunch. No need to do any cleaning-up (low to no dusting), one pad to clean, and protection applied during polishing set.
Of course, this only whole true if the finish has already had its major polishing done months previously, which in my case would not include a AIO type product unless I do not plan to finish major detail with a LSP.
I am from the school, when possible to use one polish (mild -medium level) and varying the pad abrasiveness.
For example I have no problem using something like Z-PC and working down in pad aggressiveness. The same with Menzerna PO85 and even IP on very hard CC (C5's)