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This paragraph from RHEL 7 Installation Guide

"If / is placed on an iSCSI target, Anaconda sets NetworkManager to ignore any network interfaces that were active during the installation process. These interfaces will also be configured by initrd when the system starts. If NetworkManager were to reconfigure these interfaces, the system would lose its connection to /."

is no longer true. NM should handle connection established in initramfs just fine.
Port
https://github.com/rhinstaller/anaconda/commit/9af79b2fca8783face495f88c6c4b13001f6c9f1
from master (+ remove no longer used import).

Verified on RHEL-7.3-20160719.1 with anaconda-21.48.22.80-1. NM_CONTROLLED is not set in ifcfg script, when root is on iscsi device.

Since the problem described in this bug report should be
resolved in a recent advisory, it has been closed with a
resolution of ERRATA.

For information on the advisory, and where to find the updated
files, follow the link below.

If the solution does not work for you, open a new bug report.

https://rhn.redhat.com/errata/RHEA-2016-2158.html