Yes, and it was pretty easily photo-copied since it had to be printed all in one place anyway. That's probably why even print-based protections tried to get cleverer. Like the code wheels, although I remember those didn't take that much more effort. Disassemble the original, copy all layers, cut out the right holes, put back on a spindle.

I remember one game I had that tried to protect against it by having a manual of about 100 pages, with the passcodes being spread across all of them. I believe it was Gunship 2000.