Not exactly. As kylec said above it's a different kind of multitasking. But, in a pretty real way there is no way around this kind of multitasking. If you need the results of some long running task you don't stop existing. As a result you are doing something while waiting for those results, even if that 'something' is just staring at the wall.

This is multitasking in the sense that over a period of time you will have worked on multiple things. But it isn't multitasking in the sense that you aren't doing two things at the same instant.