Nope. A project QB is one who seems to have elite tools but somehow can't properly use them when it's game time. The most common one is "he's a big guy with a HUGE arm." The most common flaw this project has, generally speaking, is with accuracy, so the experts begin tinkering with his footwork, his arm angle, gloves/no gloves and anything else they believe will rescue the GM from admission of abject failure.
Tom Brady always had the tools, they just weren't considered elite, certainly not worth a first round pick. But because he had the tools -- most critical of all, he was accurate -- taking him with a late round pick was justified. Good coaching and hard work were able to raise his success. So the biggest lesson from Brady is that the tools must already be there if you're going to devote time to "coaching him up." Nothing I've seen of Josh Allen and nothing in his history indicates he has the right tools and in particular he doesn't have anything close to accuracy.