No, but it is on the Gulf "side."
As is Galveston, but nobody is comparing that to the Emerald Coast.
Water color/clarity can be extremely different based on just a few days. At different times of the year, it can be totally different on the same beach.
As a whole, the Emerald Coast is as good as it gets in the continental U.S. for water. Of course, I've also seen that area's water look worse than the Atlantic side of Florida on some days.
Miami/Ft. Lauderdale? It has its good days, but for overall beach, it isn't stellar. The slope from the sand to the water is drastic. They tend to get a ton of seaweed throughout the year. Clearwater usually is far better, though the length of the beach doesn't go very far. Siesta Key is better than Clearwater throughout the year, but the actual beach area is way too big at Siesta. You need a train to get you from the start of the beach to the water. The Emerald Coast tends to have the best mix of it all.
The stretch from New Smyrna beach through Daytona Shores/Daytona Beach/Ormond Beach is drastically underrated. It became the most popular beach in the country 20-30 years ago due to the quality of the beach. But the party reputation and lack of new, high-end hotels took away the luxury part of it. The one thing Miami Beach/Daytona has that the Emerald Coast doesn't is a good opportunity for fitness. I can't sit on a beach for eight hours doing nothing. I want to run, walk, get in the water. The Emerald Coast doesn't allow for running (at all) or even walking long distances due to how soft the sand is. Miami Beach has a decent, paved running/biking/skating path along the beach in the back of the hotels. Daytona's sand is packed enough where you can easily jog for 15 miles each way on it. People love the beaches north of Ormond (St. Augustine, Jacksonville, Flagler), but they tend to have too much crushed shells and have very little sand area.
Miami and the Emerald Coast also tend to get crowded easily. The popular part of Daytona is the same way, but unlike the first two areas, Daytona quickly changes to residential beachfront areas after just a few miles. You can walk in those areas for 20 minutes without passing a single person. You can't do that anywhere in Miami, Ft. Lauderdale, or the Emerald Coast (unless you're on one of the remote barrier islands/peninsulas).