"Sort of" like inductive stove. And inductive stove heats the pan and the stuff in the pan in heated by the pan. An induction furnace has a non-conductive "pan" but heats the metal *in* the pan by inducing currents in them.That kind of furnace works like the inductive stoves; I worked at a place that had a bunch of 60kW furnaces, all battery backed. Some days that place drew 4MW. I learned a lot. (I'm an analog/vacuum tube engineer.
I was amazed by several things: the cheap crucibles were platinum. and if you hear a suitcase sized tuning capacitor going tink-tink tink Tink. ... you run.