Certainly. But with the tankless I can use the shower right after someone and still be dealing with cold water. On the other hand with a normal water heater there would be instantaneous hot water for that person. Or someone washing their hands in the washroom a half hour later. But still, I have never waited so long than with that tankless system and even then I just gave up on the hot water while washing my hands. Never have done that before.
I have not had an issue with hot water while running showers, washer, dishwasher etc. So perhaps I have been spoiled all these years with our 50 gal water heater. What I really hated with the tankless was getting moments of cold water after the water heated up during the shower....awful!