Yes, for most high drain electronic applications NiMH batteries are ideal substitutes and you needn't worry about the apparent voltage differences. Even though alkaline batteries are rated at a nominal 1.5V, they only deliver 1.5V when they are fully charged. As they begin to discharge the voltage of alkaline batteries continuously drops.
In fact, over the course of their discharge, alkaline batteries actually average about 1.2V. That's very close to the 1.2V of a NiMH battery. The main difference is that an alkaline battery starts at 1.5V and gradually drops to less than 1.0V.
NiMH batteries stay at about 1.2V for most of their discharge cycle. Here are a couple of cases where there actual voltage difference may be important to you. In the case of a device like a radio, where a higher voltage can mean a stronger signal, a fresh alkaline battery may be more desirable -but more expensive- than a rechargeable NiMH battery.
This is also true for a flashlight, which will be brighter with ... more.
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