Sorta - you just gotta set it up right. True, it's way easier (not necessarily cheaper though...) to setup a solid axle suspension setup for drag racing, but it can be done. With my setup, I have never had wheel hop at the drag strip; in fact, the only time I ever get wheel hop is in limited traction situations i.e. raining and/or wet surface, or sandy/dirty surface.
IMO, the Cobra IRS is great for a street car that sees a little of this, little of that (basically what SVT and Ford had in mind in the first place).