No, SMS login is not multifactor, and you will note that nowhere in that article is it called that. SMS auth is single factor. The article states that:
SMS-based authentication isn't currently compatible with Azure Multi-Factor Authentication.
Which implies that eventually you will be able to use this with MFA.
SMS is inherently less safe than something like the authenticator app, and so if this is a concern you can look at using that, however if simplicity and reaching the broadest set of users then this could be a useful tool.