Is this the same as a VPS console?

The purpose is the same: reaching a machine without the network. A VPS console comes from the virtualisation layer, IPMI is hardware inside a physical server.

Can I use it to reinstall the operating system myself?

Yes, that is one of its main uses, given access and an image to boot. Ask in a ticket before you start, so nobody restores a backup onto a machine you are wiping.

Is it available on every dedicated server?

Not automatically. It depends on the hardware and the plan, so ask on the dedicated servers page or in a ticket, and see how long dedicated server setup takes .