Yes! And we had pre-punched adhesive splices for when the reader mangled a tape. Also had a small manual punch that would allow punching one hole at a time. The expensive mylar tape was reserved for the critical programs. I once spent 24 hours straight reloading a fixed head disk from fanfold paper tape. Then it was discovered that the tapes weren't the most current versions. One system function was never recovered. This brought on the installation of 800bpi magnetic tape drives at about $10k each.
There's never enough time to do it right, but always enough time to do it over...