Yes, and also hopefully you find there are also much better tools.
I think the closest to the Magic Wand effect is “Flood filling” effect, provided by SegmentEditorExtraEffects extension.
I would also recommend to try “Grow from seeds” effect as explained here: Bone segmentation to create 3D-printable STL. You may also try to use Watershed effect, which takes some more time to compute but provides smooth surfaces.
I would also recommend to check out segmentation tutorials here: https://www.slicer.org/wiki/Documentation/Nightly/Training#Slicer4_Image_Segmentation