While the Navy does use "small stuff" (the Navy term for any kind of line less than 1/2 inch in diameter) similar to what is on the handle, the same line was and is available to this day, especially in farming areas.
That looks more akin to a "line wrap" done as a "field expedient" repair for a broken handle, as Gunsil alluded to.
"Fancy work", the use of small stuff in a decorative manner in the Navy, usually involves a Turk's Head knot or two as well as some braided work.