No, the Old Mallow Road L2783 (L1067 inside the city boundary) is about 3 km east at this point.

They meet near Grenagh. North of Grenagh, the new road was a bit more faithful to the original alignment, but not completely. If you look at the historical maps, you can probably trace the route.

There used to be something like 95 bends from Cork to Mallow and it is now down to something like 35 (much kinder) bends.

Source: I used to cycle the L2783 every Saturday morning in 6th year.