Quite correct. The take off thrust is canceled same as during any normal take off when TO/GA is replaced by CLB/1/2 thrust or by double tapping the TOGA buttons.
In a one engine situation the latter is not a problem if already at V2+15 (at least in our case) of the lowest derate as that covers Vmca of the non-derated thrust limit. With both engines operating there is no problem at all of course, and to be honest in a real severe microburst like windshear i wouldn't hesitate in pushing those levers as far forward as possible.