No, Time-Sert is a solid threaded bushing unit, not a coil that winds into the taped hole. Never used them but can see the advantage of this design. The Heli-Coil can back out of the treads.
There is another bushing called a Keensert that uses a differant locking mechanisum.
Visit the Time-Sert website:
Measure the installed threaded portion of the bolt tread to get an idea of the insert length needed. Apparently there is an oversize outer diameter insert but if using this you might cut into the coolant passages when making the treads in the block.
Can't find a whole of info on this fix, you might call the Time-Sert folks for application info. Might be worth a try if the issue is a new block versus something like this.
Have not heard anything on Toyota approved fixes. Not sure what Toyota is doing, the issue is coming up and owners are not getting any support (to date) for what is a design flaw.