It depends on your definition of "live"
Any surface in the tank will grow bacteria on it that aid in biological filtration. In the purest sense, this is "live rock" I guess. Just a surface for beneficial bacteria.
However, if the insert is not porous, it is very limited. It will not have the capacity of LR, it will not support the same "critters" live rock will (eg worms, pods) that live in the rock and are beneficial. It will likely not provide quite the same benefits to grazing fish. It may grow algae, it may even grow coralline algae (since glass does).
But it will not become "live" in the same way, IMO.
If the rock is porous, and basically just synthetic live rock (eg concrete DIY rock) then it can definitely approach LR and be seeded, etc.
If this is painted artificial coral, I am not sure what the paint may do. I would think it is more limited.
If it is rubber artificial coral, then it is very limited.
IMO, nothing really replaces the "real thing." You can come close, and if you define live rock in a certain way, very close.
So is it painted or ??