Yes, that might have been the intent, but in practice it's treated as though V1 has been lowered. Captains remove their hand from the TLs at V1-5.
thats maybe not so good. basicly you should be "stop orientated" until positivly above V1 when something bad happens.
on the other hand such discussions are here mostly provided with pure theoretical knowledge by published and written down procedures on the internet . but an actual situation in real live is not just procedures and written down technical knowledge. and aircraft was not able , is not able and will not be able to fly by just theoretical procedures at such critical situations.
having an engine failure at nearly V1 with simultany a vmcg very close to this speed is of course a serious and a very rare thing. like said- 99.99% never had this in their entire career. when it happens its up to the PIC what he does and nothing that can be written here will help you.
by the book and a pure theoretical discussion he may be slightly wrong removing his hand ( and decide to be "go" orientated) 5 knots early.
by real live he will be jugded by the outcome of this situation when truly at nearly exact the edge of v1 and simulatany vmcg very close to this speed an engine suddenly blows , whatever he does, putting his hand back on the lever and abort or try to go.
best regards