A completely different feature. In word this should be called "reveal spaces and line breaks".

In WordPerfect this is activating a TeX mode in addition to your WYSIWYG. You have two buffers, with two coursers, that stay in sync. Maybe the closes analogy is a jupyter notepad for tex? But fast.

I have never seen anything like this, althou LyX offers one mode that is kind of a mix of both of them.