Technically yes, but you'd want to pick it up before greening because it will be too late if you do it afterwards.
Masquerade does not usually get rid of all Estates, so it's not quite correct to say that Embassy and Masquerade will do the same thing. With Masquerade it's still more difficult to hit $8, the cycling is not as robust, and the passing means that one of the 6 cards in your hand is not reliable. Once you start greening, it's not unlikely to draw a hand with Masquerade with cards that you don't want to pass, though this is not as bad for a money deck.