Real electrical power is the product of voltage and in-phase current. The ratio of voltage to current is defined as resistance. The power is; W =I²R.
The product of voltage and reactive current, VAR, is not real power or heat. An induction heater induces currents in a resistive material, that dissipates; W =I²R. The word inductance refers to the method of coupling, not to the element of heat production.
An induction heater requires high frequency AC be generated and delivered to the inductive primary winding element. Likewise, a resistor needs two conductors to guide the energy to the resistive element. Those conductors will also have I²R losses which reduce the system efficiency of the resistive element to below 100%.
As can be seen, it is an unfair comparison to consider only one component of a complex system, especially when by definition, that is resistance in both cases. For heating water, when the entire system is considered, a heat pump will outperform both the resistor and the more complex, less efficient HF induction heater.
Peltier thermoelectric coolers can be about 75% efficient, significantly less than a typical refrigerator. But a Peltier effect thermoelectric heater can be over 100% efficient and so might be considered as a possible replacement for a resistor when heating water.
https://scholarworks.uark.edu/cgi/viewcontent.cgi?article=1010&context=meeguht