Yes—Photoshop can do something similar, though not as a single built-in tool with the same name. The closest built-in method is Select > Color Range, which lets you sample a color and adjust the range with the Fuzziness slider. That creates a selection you can turn into a layer mask, then refine with normal mask editing tools.

Another useful approach is channel-based masking: Ctrl/Cmd-click a channel to load it as a selection, then create a mask from that selection or delete from the layer. You can further refine the mask by editing it with Levels or Curves for better control over semi-transparent areas.

There is also an older free Photoshop plugin that can do this more directly, but one answer notes it is dated and 32-bit only.

So, yes: Photoshop can achieve a “color to alpha” result, most commonly with Color Range plus masking, or by building the mask from channels.