thats a more modern engine, the fact it has a knock sensor is a dead give-away, also coil on plug leads and plastic inlet mani and manicat.
On the early 16v engines the sensor is in almost same position as that except the lower part of the inlet mani is metal and not plastic. This is not the other end to an 8v though, its on that side of the inlet mani on an 8v too. What is the opposite side is the sensor for the temp gauge, on the 16v its near the thermostat and the 8v on the rear of the head at other end, which is not so on that engine by looks of it - some of the new engines have the gauge sensor actually as part of the thermostat.
As for the original question, no need to drain no. Just be quick so you don't lose loads and then top up and bleed as suggested already. Although if the coolant hasn't been changed recently it might be a good time to flush the system clean and refill with fresh stuff, hows the coolant looking? clean or all murky and brown?