Complete fiction. The 757 at least cannot be programmed to perform a takeoff and in my company must be hand flown until the autopilot can be engaged at a minimum of 500' AGL. There is also no flight envelope protection, the plane will do whatever the pilot commands it to, even if this results in a stall or worse. The only fully automatic stall protection the 757 has is auto-slat deployment at high angles of attack.
The article sounds more relevant to modern Airbus aircraft which are fly-by-wire and have flight-envelope protection.