No it can't. With decent micro, it is slightly more effective than a puma vs. infantry, but a Luchs is infinetly better vs. infantry. Just looking at the units changed stats can tell you that.
"Health increased from 320 to 400
Moving accuracy increased from 0.5 to 0.75
Penetration increased from 45/45/60 to 45/50/65
FOW Scatter multiplier penalty reduced from 300% to 25%"
The patch made it slightly better vs. vehicles, as survivable as a Luchs HP wise, better on the move, and significantly decreased the FOW multiplier which is mainly useful when getting the last shot off on a retreating vehicle behind smoke/ a hedgerow, not infantry. The only change that helps vs. infantry is the on the move penalty, and all that does is make it slightly better on the move. The base accuracy and AOE are very low, and as a result it is more of an infantry sniper than anything else. Even on the move.
There is no way in hell a Stuart is ever going to kill nearly as many models (or be as annoying) as the Luchs, when the Luchs also doesn't have to fear shrecks on half the squads it fights.
The Luchs is better versus enemy infantry because it's anti armor performance is fairly bleh. The Stuart now (Iv seen it done plenty) can kite like it's never been able to before and now that it can actually take an extra it it can make more use of it's anti-armor abilities.
In 3's and 4's it's still shit, in 2's and 1's it works well for it's price. It could still obviously maybe use a little bit more pen or damage but right now its light years ahead of what it used to be.
It can also instantly repair crits on it's self, hop out and repair 1 HP and the vehicle is back and moving.
EDIT: To put things in perspective it's moving accuracy is .75 now compared to the Luchs .25.