No, the launcher is eq2.exe (which has the everquest 2 launcher) and it has the updater. You could bypass the updater and simply launch everquest2.exe directly (which, via profit, you can store your username and password for easier launching).
wow after reading that, it seems a lot more complicated that it really is... let me try again...
eq2.exe is the updater and launcher. everquest2.exe is simply the launcher. Through profit, you can configure a file to store your username, password, character, and server for easier launching and use everquest2.exe (but it will not update/patch everquest in this fashion).
I think that makes more sense
its been a long day at work before a holiday...
Happy New Year All!