No. It is simply a different way of describing the observed wave collapse – and one which does so by altering the reality to something beyond what is observed. It doesn’t make the observation go away. It is highly reminiscent of the way discontinuities are dealt with in mathematical functions by extending them to multiple sheets in a multivariate complex space.
If you want to say this accurately you need to add the word “mathematical”… "there is no mathematical wave collapse in the MW interpretation. Because it doesn’t alter the physical reality and measurements it describes where the wave collapse remains quite real in that interpretation. This is only reason why physicists do not object to the MW interpretation and I never have. Like all interpretations it has to agree with the same facts or it would be invalidated by them. In fact I think it lends itself quite well to the interpretation that these many worlds describe nothing more than the very real possible futures resulting from quantum indeterminacy.