Good thing you were there.
Before we got our Cane Corso pups, I was considering getting Neos. They were my first choice. One of the things I looked into with all the breeds we considered is what the dogs had been bred to do--Neos have been bred for a thousand years to guard homes.
In Italy, historically, the Neo was tied at the gate to keep strangers out. We have friends and family with children over frequently enough that we felt that a Neo could pose more of a risk than we were willing to take even though training dogs is what I have been doing for the past 25 years. I also do risk assessment and management, so I consider dogs in the same category as a weapon. Cute, fuzzy, kissable weapons.
It appears from your description of the event that the owner is not training the dog in a manner that will allow anyone in the home, including her and her family, to be safe. She needs a wake-up call, fast.
I am guessing that along with not jumping on people, she also hasn't trained the dog for bite inhibition. Sometimes dogs nip at the face in play, but that behavior should have been trained away months ago. Zita, at eight weeks of age,tried it the second day we had her. I did the same thing you did and it never happened again.
The good news is that the dog is young enough to be rehabilitated if you get the owner's head on straight and find a good trainer. The immediate submission from the pup when you jumped in is an excellent sign. This is not an easy breed to raise successfully.
Do you suppose it would help to give your friend some sense of how her training is going compared to other dogs of the same age? People with breeds considered dominant could post lists of what commands their pups could do at that age. I'd go first, but since training is what I do, my results aren't typical. Zita, where's the remote? Fetch!