No it's not. It has limited multitasking that may run 2 apps on separate windows, or keep a few recent activities. But it not even close to real multitasking, as per Maemo MeeGo etc.

Depends on your free RAM and cached applications, the system will kill some background activities automatically. Depends on how it was coded the app MAY resume from where it's been killed (As iOS's tombstone).

Even like 3GB RAM on Priv, there is no real multitasking. What a joke!