Yes and no.
The tip contains a thermocouple between the heater element and the shield.Thermocouple as such allows to measure only difference of temperature between two ends, not the absolute temperature. You need to know the temperature of one end (cold junction), to calculate the temperature of the other end (hot junction). This is what MCP9700 is for.
And yeah, I'm reading the temperature by uC and then displaying it, but it's not enough to just turn on/off the heater. First of all you need to switch on slightly after mains zero and switch off slightly before it in order to measure the thermocouple voltage exactly in the zero. Also, the duty cycle once heated up is pretty low, as the JBC cartridges) are rated at 130W peak power (IIRC) and the transformer such as that used in original station would in this situation deliver over 300W if turned on permanently.
The switching circuit is a bit convoluted, because it uses MOSFETs to switch AC in order to reduce losses (as compared to switching rectified DC). Triacs/thyristors are not an option, because they cannot be turned off before zero in a controlled manner.