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Sort of, but you flick it up with your thumb or first finger while holding the handle. Your hand is well away from the direction of the steam.
Grabbing hold of a plug and pulling it out of where the steam comes from seems a lot more sketchy. Especially if you're in a hard water area which might cause the plug to be given a hard pull as lime scale builds up.
But then I had a bad steam burn on my hand as kid, so maybe over cautious.
I think that is the case with all whistling kettles isn’t it?