This benchmark would imply that isn't usually the case: http://david.rothlis.net/ninja-benchmark/.
(I imagine it buffers the output internally. With a moment's thought you can imagine situations specifically engineered to cause more problems than this solves, but I've been using Ninja for a couple of years now and I've yet to see that happen.)
This won't get me to switch away from Ninja when using CMake, but I write my own -j-friendly makefiles sometimes, so this will come in handy.