Not favorably. Perhaps there's a magic combination of SSH and Tramp settings that can make the experience lag free, but I can't find it. VSCode's remote editing was setup-free and close to seamless when I tried it.
Tramp has support for many, many more remote protocols though.
It's probably been a decade since I used TRAMP, so maybe it's gotten worse or more likely people are expecting more of it.
There are also non–trivial bugs that cause headaches when typing out a TRAMP path to open a file, possibly caused by interactions with the various autocomplete packages people may or may not be using. For example, if you want to edit a file on a different machine via ssh but also change to root using sudo, you can enter a multi–hop path like `/ssh:othermachine|sudo:root@othermachine:/etc/whatever.conf` which is very, very useful. However, if you mistype and put a colon instead of a pipe, or have to backspace to edit something, then it will usually just break. Some types of connection errors can cause it to break as you type, causing it to fail to accept further input. All you can really do is hit C-g and try again.
That said, I use TRAMP every day of the week and it is amazingly useful. I could do my job without it, but it would suck.