Yes. It offers the same thing that mpd does and is written in pythion insead of C. Any mpd client that works with mpd will work with mopidy. You can use mopidy to play sound on chromecast too.
However I find mpd faster and better than mopidy. One advantage of mopidy is that it is easer to setup than mpd because it is browser based. I stay away from browser and browser based apps like whatsapp, because it kills my productivity as I have to lift my hand from the keyboard.
If in an alternate universe there is a version of me who uses the web browser, then I would probably be use squeezelite squeezebox. It provides everything (chromecast, airplay, spotify) and a beautiful interface with multiple skins. There is a raspberry pi distribution based on squeezebox - picoreplayer.