Yes and not, I guess.
Yes, it can monitor a destination IP... (with "link-monitor" on Fortigate, or "IP SLA" on Cisco)
But with Cisco it could attach the "sla/track" individually on each route, but with Fortigate it just remove ALL the routes related to that interface.
This is a problem cause Fortigate is acting as MPLS concentrator in my topology. I need to clear only the routes that are not answering to the "link-monitor" not all routes on that MPLS.