Not quite, but they're related and the effects are almost identical.
Cavitation damage occurs anytime a void (bubble) surrounded by a liquid collapses violently, producing a pressure pulse that can damage metal.
In micro-boiling, the "bubbles" are caused by water flashing to steam and they collapse violently when they migrate into cooler water and the steam re-condesnes almost instantly. This is the "hissing" sound you hear when you heat a pan of water on the stove BEFORE it begins to boil visibly.
In a water pump, the bubbles aren't caused by true "boiling", but are actually caused by the process of cavitation (local reduction in ambient pressure to a point below the vapor pressure of the fluid) caused by the motion of the impeller blades. But when the bubbles collapse, the pressure pulses still erode metal.