No it's not in 'realtime'. They use the engine yes, but it is not able to render it in realtime, instead they use the engine to stitch together a video of the cut-scene. This is different than traditional CG but is still pre-rendered by definition.
How you can compare a totally linear, mo-capped, pre-rendered cutscenes in a 6 hour game, to 100's of individual, non-linear realtime cut-scenes in a huge game liek ME is beyond me.
Really, if you honestly thought they could match the quality of HS facial animation, in a game with the scope of ME, you were being extremely naive.