Indeed it does. Remember from where neoconservatism developed. It came from modern liberals (e.g., progressives) who felt that a) the Democrats had become too radical, and b) that the Democrats had abandoned national security.
The neoconservatives embrace the fundamental tenets of progressivism: that government can, through expertise, manage the problems of society. They further imagine that this can be done internationally (e.g., nation building) This sets them apart, not only from Old Right isolationists, but from the realist camp (James Baker, Henry Kissinger, etc.).
Ron Paul's foreign policy is probably closer to a traditionally conservative viewpoint. Whether it is tenable in this day and age is debatable. My view probably falls somewhere in between the paleos and the realists.
I agree. “Realist” is a good way to describe it.