No, misting should not replace watering. While misting adds a small amount of moisture to the air around your plant, it does not reach the roots, which are responsible for absorbing the water and nutrients a plant needs to survive.
Misting can be used as a light humidity boost for plants that enjoy slightly higher humidity, such as marantas, calatheas, and some ferns. However, the effect is usually temporary and should be seen as a supplement rather than a primary care method.
If you choose to mist, do so lightly and avoid soaking the leaves, particularly in the evening or at night, when cooler temperatures and slower evaporation can encourage fungal problems.
For plants that require higher humidity, humidifiers provide a much more stable solution.