Kind of, but not exactly. TotY is actually much better. Evolution items will only upgrade based on player performance (e.g. Primetime, Milestone, TotW, TotY), whereas TotY items will upgrade to match all other item types for that player. So in this case, Tarasenko's Stanley Cup item got upgraded past the TotY OVR, so the TotY was upgraded to match that item.
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Tarasenko's Stanley Cup item received an upgrade, so his TotY was boosted to match that.