Yup. That is the stock mod designer's intention. Magnetic only but you can still set depth for contact shots even with the mag pistol set. It is for game purposes so the torpedoes are less than perfect.
Off topic trivia: Multi function pistols didn't come out until late 42?
Anyway a few wrong assumptions I made in that "review". Have been playing NYGM for some years now and the spirit of the game is... if the torpedo doesn't work.... "better luck next time".
Using multiple methods to determine the target speed is crucial. Lots of observation over time.
Had an interesting user error. Using a steam torpedo and saw it go several degrees off course. ......
Had the AOB set to 90 port instead of 90 starboard.