Hi Subramanian Swaminathan,
You can access stand-alone ArcGIS Servers that aren't part of a Portal using ArcGIS API for Python. But You cannot create profiles for standalone ArcGIS Server as in the case of connecting to a GIS Instance such as ArcGIS Online/ArcGIS Enterprise.
The documentation which you have mentioned in here is meant for connecting to a GIS Instance.
In order to connect to a stand-alone ArcGIS Sever you can use the following snippet
from arcgis.gis.server import Server
test = Server(url="https://gis.mysite.com/arcgis/admin", GIS=None, username="xxxxx", password="yyyyyy", verify_cert=False)
For more information you can refer to the documentation arcgis.gis.server module