[Not a pilot]
I have to agree. The two hundred hour pilot did not have any decades long habit of flipping just one switch, and he was the one who threw the switches. Why the Captain was seemingly expecting manual electric still to work is a mystery, which was why I thought they may have thrown only one switch.
"At 05:40:35, the First-Officer called out “stab trim cut-out” two times. Captain agreed and First-Officer confirmed stab trim cut-out."
"At 05:41:46, the Captain asked the First-Officer if the trim is functional. The First-Officer has replied that the trim was not working and asked if he could try it manually. The Captain told him to try."
"At 05:41:54, the First-Officer replied that it is not working."
Not sure if the handwheel would have been easier to turn a minute sooner, but CUTOUT should have been a good hint that manual electric was no longer going to work.