As far as I can tell, yes.
Besides, MechWarrion on joystick doesn't have shit on the controller Steel Battalion requires:
None of the buttons are for show. In fact, Steel Battalion was so hardcore you could only play it iron man. And your cockpit severely limited your view, since it usually occupied 60% of the screen (and everything you'd normally have in a HUD was located in the cockpit instead).
So basically, whether derp jet or big and lumbering, the wily Nips got MechWarrior beaten to a pulp.