Yeah, it is typical, but there was a better solution that looks like winning on the spot (Ng5 Nh7 Nf6 idea:) And the opening works quite well, especially in blitz, but Black has better options than closing LSB with 3. e7-e6.
@Bugcrusher Edgar Colle also won some nice games where black did not play ...e6: against Rubinstein and against Euwe. The opening is not only for blitz: Alekhine, Smyslow and Jussupow have played it on occasion. @jposthuma Edgar Colle did not fear a black ...e5, for example a nice win against Stolz. So there is no compelling need to play b3. Also if black plays ...b6 he cannot stop white, see for example a nice win of Colle against Grünfeld.
There are two different approaches for white - one develop your pieces as I did, and other is to prepare e3-e4. In the first case, e6-e5, after preparation (not as Stoltz played), really disturbs all the White's setup and Black has no problem equalizing.
Yes I know. Edgar Colle always played c3, sort of a reverse Slav Defence. Georges Koltanowsky used to play b3, sort of a reverse Queen's Gambit Declined Tartakover variation. As for the easy equalizing: that was also said of the London System d4, Nf3, Bf4, until Kramnik & Carlsen picked it up.