Yes, it is. Nowadays, because the word is so often used to describe men, when it is applied to women it carries the idea of beauty that is unconventional, less sexualized, stronger and more rugged, than the ideal of young female beauty.
I don't know if this comparison works cross-culturally, but compare the movie across Meryl Streep and Angelina Jolie. To U.S. eyes anyway, Jolie is a traditional female beauty, a sex goddess. Meryl Streep is certainly beautiful, but not in a sex-goddess or idealized way. Streep is certainly not at all masculine in appearance. She really looks quite unique and doesn't fit any category. She is a woman who might well be called "handsome."