Short answer, No. TCP doesn't back off until packets are lost. uTP looks for latency increases which happen before packet loss (and therefore, before TCP congestion control kicks in) and throttles itself preemptively. Put another way, TCP treats all senders as having an equal right to bandwidth. uTP doesn't want to assert an equal right to bandwidth, it wants to send and receive in the unused portion of the available connection.
Do not simplify the design of a program if a way can be found to make it complex and wonderful.