MUH is a form of Pythagoreanism or Platonism, which all belong to idealism, not materialism. The difference of MUH and classic Platonism for my understanding lies in the metaphorical depiction of the underlying ontological reality. Classic Platonism admits the real ontological existence of all those abstract timeless absolute ideal concepts such as a perfect circle in geometry. Via the correspondence theory of truth, the physical world is merely an imitation of this "ideal forms" world, and the "form of goodness" ethics is the most perfect and highest existence. (Later Neo-Platonism replaced with God as its sole source) While in MUH, there's no such correspondence of 2 worlds or separation, it claims there's really ontologically one world originated from math entities, like a computer stack, final screen outputs are ultimately originated by its software code.
In summary, MUH is much more radical and narrower than Platonism. However, a much more important and interesting question from my perspective is how either MUH or classic Platonism can explain and deduce consciousness (ie, the famous "Hard problem of Consciousness)? For me no matter how clever math can be employed to construct some "integrated information" metric, ultimately it's a just a notion only understood in conscious rational mind. Similar to Chinese Room Argument, a computer or any entity processing math has no true understanding of math itself. So I personally favor traditional idealist view that mind is the ultimate real ontological existence if ontology really ever exists...