It is. But it checks for the 'Bcyc' and the 'Bcy2' buffs (they are applied to a cycloned unit), and won't change the HP if the unit is affected by one of them.
And i just noticed, technically EMP has nothing to prevent the known 0.405 HP suicide bug.
if GetUnitState(GetEnumUnit(),UNIT_STATE_LIFE)>loc_real02 then
If the unit has e.g. 100.2 HP and EMP removes 100 HP (loc_real02=100) the unit will be left with 0.2 HP which is "dead" according to the wc3 engine (units with HP<0.405 are considered dead). Since the death wasn't caused by any form of damage, the kill would be given to noone and the unit would've committed suicide. Yet I haven't seen that happen (and AM saw more strange things already...); I assume that "bug" wasn't introduced in this version.