No, it’s still required because Steam will want to define your Library Files - it’s a setting in the Steam Client. So from a workstream - transfer the 110GB of Packages to the new PC and place it in it’s final resting spot - i.e., E:\MSFS\Packages. Then run the installer to install the base 1.6GB - i.e., D:\Steam.
When the Installer asks where do you want to put the packages - point it to E:\MSFS. It should detect the existing packages and update just a few, but it saves you the majority of the 110GB download.