Yes, but the difference is that the autopilot will actually fly the leveloff if you reach the MCP altitude, if you handfly your recovery you might have different plans than to stay at low level and don't want thrust taken away from you in any case. Regardless-up until the 777 it used to be Boeing procedure anyway to disconnect the autothrottles whenever flying without autopilot, this could be the last remainder of that previously ubiquitous rule...