NE5534 has better parameters than 741 like unity gain bandwidth(10Mhz) and high slewrate(13v/µsec) and lower supply voltage.
Their equivalent noise is 3.5nv/√Hz.
it can be a drop in replacement (except when using pin 1, 5 and 8 which is not used in the circuit attached)
I agree, and it will work better than a 741.
The caveat with NE5532 and NE5534 devices is they have head-to-toe parallel diodes across the inverting and non-inverting inputs. That isn't a problem for low signal applications but they are not replacements in comparator circuits and the likes.
The circuit isn't particularly optimized for bipolar low-noise audio amps like NE5534, e.g. regarding resistor dimensioning. Thus a standard low noise JFET OP like good old TL071-TL074 would be my first choice,