No, that's exactly the same as the delete without a transaction. It's a single statement, so it's implicitly in its own transaction.
Delete in batches, not in a transaction and have checkpoint between them (if the DB is in simple recovery)
Gail Shaw
Microsoft Certified Master: SQL Server, MVP, M.Sc (Comp Sci)
SQL In The Wild: Discussions on DB performance with occasional diversions into recoverability