Not quite but you might get wet!
Definitely have the plug ready and put some wraps of teflon on it in advance.
I suggest that you remove the hose clamp & the hose & quickly shove a rag/ rubber plug in the barbed fitting that goes in the wall to slow the water while you work on loosening the barbed fitting from the return fitting as it will require channel locks.
This is the fitting you’re removing & replacing with the plug.
View attachment 539294
Leslie’s & other local pool stores usually have the threaded plugs.
You might want to have 2 pairs of channel locks- normal size (420 or 430) for loosening the barbed fitting & tightening the plug & a big pair(size 440) for holding the wall fitting nut so it doesn’t turn- i have also used an oil filter wrench like this which has worked well for the wall fitting nut
.
View attachment 539295
Gather up all your stuff before you begin.
Add the plugs for the top return & skimmer or drain the water below them 1st
before removing & plugging the bottom return so that the only water draining from the pool itself will be out of the hole you’re plugging.