Multiprocessing allows you to use all cores, but you can't share memory like in threads. So you have to Serialize/Deserialize a lot for exchange data.
If your serializations cost are low and need computation power, you should use multiprocessing. If you are just waiting I/O you can use threads.
BTW, modern python "ProcessPoolExecutor" is not designed for compute heavy batch like "Pool" from "multiprocessing".
But if you meant semantically equivalent, no they aren't - threading is shared memory and multiprocessing is message passing. If you were to draw a tree of approaches to concurrency and parallelism, you would probably make this division the root node bisecting the domain into two - it's the two fundamental approaches to doing concurrency.
In most cases, yes. You can use shared memory buffers for IPC, though, although it typically requires more effort.
Those that cross between the two are usually notable for doing that and describe themselves as a hybrid approach.
I think it divides the literature pretty cleanly in two.