To some extent, yes. But the flexibility is much greater with software like this.
I have no experience with MIDI to CV converters, but from what I hear, the timing is much better with Silent Way.
The Silent Way software package has some very nice utility plug-ins. The most important one is the "Voice Controller". First and foremost, it does a very quick and precise tuning of your VCO's. Even if you have something that is hard to tune right (could be some vintage or DIY modules), it will manage. It also lets you change settings for portamento (mode, time and shape), detuning, and a bunch of other things and it lets you to make some quite versatile envelopes.
Another plugin in the package is an LFO, which allows you to create some interesting waveforms by mixing different shapes. This LFO goes from really, really slow, up to the top of the audible range at 20kHz, which makes it very useful for amplitude and frequency modulation.
There is also a step-LFO which has the same wide frequency range but with some different features.
The list of features is long!