Yes, ProcMon is the Windows equivalent of strace, with some filtering capability built-in. It also shows you the stack involved with a particular event, which can be useful for diagnosing the otherwise black box that is Windows. Eg [1]
The "filtering capability" actually makes up a good half of its worth. Being able to very quickly drill down to an annotated call stack for a specific IRQ on a specific file is really handy.
IRQs are very low level and can't be traced by strace or procmon. both can easily log specific syscalls, e.g. strace -e. strace can't quite filter on ioctl, but apparently procmon can't trace ioctl at all: https://stackoverflow.com/questions/9947933/how-to-log-the-d..., so strace is ahead there.
That strace can do it too is fine and all, but the Windows ProcMon collects a trace that you can then filter, like Wireshark. So it enables a workflow where you have no idea what's going on, collect a trace, and discover what entry to focus on and what paths to filter for. (This is what I demonstrated in the msys issue link I posted.)
An equivalent workflow is possible with strace too of course; pipe `strace` to a file and then discover what paths you want to grep for. It does become a bit noisy when the stack of every syscall is included, and requires more complicated grepping because it spans multiple lines, so you might have to first pre-process it into something structured like JSON.
[1]: https://github.com/msys2/MSYS2-packages/issues/138#issuecomm...