I’d say hand drawn, although these fonts at www.letterheadfonts.com are quite close -

Ephemera
Goldsmith Script
Royal Script

JH

Of those LHF fonts, Royal is the closest. But the contrast is off.

For sure it could be hand drawn. But it is close enough to the Aktuelle/Opti family of scripts that I thought I might see if there is a very close match.

Also Machiarge by Ryoichi Tsunekawa is in the ballpark.

Definitely in the ballpark.