No, it is actually micellar casein, which in terms of absorption rate, would be on the opposite end of the spectrum of a hydrolysate. Muscle Milk makes for a very poor PWO choice. The best application is probably as a late-night protein infusion. That, or it is good at any time for the chronically skinny, as it packs in some decent calories.
Aside: I actually gave Muscle Milk and Biotest's Grow! MRP to my grandmother to use when she was on the verge of death (not eating). That was ten years ago, and to this day, she swears it saved her life. I would credit this due to the fact that (1) it tasted decent enough that she could drink it, (2) it packs a ton of calories into a small volume, and (3) it contains nutrients that take a long while to assimilate, thus not bombarding the body with insulin and amino pool flux. This isn't a Muscle Milk plug, as I don't particularly like CytoSport. I find many of their claims to be poorly justified, and I don't think Muscle Milk is the god of protein powders. However, it is yummy and packs a lot of calories without a bunch of high-gly carbs.