iOS does attempt to properly inline Android tapbacks and has done so since IIRC iOS 16. It's not perfect, though: if the tapback isn't one Messages recognizes, then you get it in message form, e.g. ":smile: to 'Have a nice day!'" (only with the actual emoji). It also fails all tapbacks if it's an image, presumably since it can't know which image is reacted to.
Hopefully the experience is improved when they implement RCS, though I'm not sure if tapbacks are part of the spec.
I just tested it in a group MMS with an iPhone user running iOS 17, and alas no, this is incorrect. Neither thumbs up (like) nor heart (love) apply as tapbacks when the tapback originates from android.
Unless there's something I'm missing, only Android users get cross compatible tapbacks.
Hopefully the experience is improved when they implement RCS, though I'm not sure if tapbacks are part of the spec.