"IAS activated" is probably the IAS hold.
fruitnnut, I don't know if you are aware that the IAS hold is not the same as an Autothrottle.
Yes, the aircraft can be set-up to hold a selected airspeed, but only during climbs and descents, when the aircraft controls the airspeed with elevator commands.
For example, your descending through 21.000 for 10.000. You have selected 210kts as the target airspeed. If you pull back on the power lever(s), the aircraft's nose will pitch down, aircraft is descending more rapidly to make up for the loss of thrust when you reduced the power
