It generalizes, but whether it over generalizes depends on specifics.
The system of obligations is common, but the details did in fact vary.
The word ‘feudalism’ was coined because it was in many cases a useful generalization.
It was a polemical term aimed, really, at the Old Regime by its enemies, not at all the result of serious historical study, which was used in the process of discarding the very notion of Christian monarchy, in favor of something like Bourgeois republicanism.