Ok, so going back to your original question:
Apparently, the answer is no.
That said, the driver may very well have done the right stuff but not known how in an unfamiliar car because that model has some still unusual features. Here's what one owner posted on a message board:
It is worth noting that the fact that to turn off the engine while the car is in motion requires pushing the button for 3 seconds is not mentioned in the owner's manual.
And the NHTSB issued a report in 2007 that Lexus drivers have reported difficulty stopping cars with stuck accelerators because of these issues, plus
So it is quite possible that he:
1. Tried to put it in neutral but because the car was in a mode that he may not even have known existed, was not actually performing the maneuver necessary.
2. Then tried to turn off the car but couldn't.
3. And meanwhile he's breaking hard but quickly losing braking power.
4. He's dealing with trying to figure all of this out while weaving through traffic in a car going over 100 miles per hour.
Do I know that is what happened? No, but I wasn't there like you were. If it did, does this mean it was still an avoidable accident. Sure, if that is the lesson one really wants to find in it. The man was trained in advanced driving skills, he was apparently reasonably calm as you hear him providing information on where they are, reports are that he had his hazard lights on. Why jump to the conclusion that he behaved stupidly otherwise? He may have, but why assume it?
Also, you mentioned the time it takes to get up to 120 miles per hour. According
this video, in a Lexus ES350 it takes 11 seconds to go from 0 to 120. 5-6 seconds if you're already going freeway speeds. I imagine most of the time was spend trying to figure out if one's gone crazy and your foot really isn't on the accelerator.