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Yes it seems so. Alicia Stella's recent video suggested it would be a Mack Twist 'n' Splash too as the foundations appeared to match foundations from other versions of the ride elsewhere. Hopefully the final ride will look better than the artists' impression as it looks a little anemic here.
Could this be the flat ride in the park's hub?
https://www.movermandesign.com
Concept for Universal Monsters windmill interior.
http://www.saijiaoarts.com/perfessionalwork
"Stakehouse" restaurant concept for Monsters area?
Reviving a concept from over 40 years ago in Hollywood? https://www.julienslive.com/lot-details/index/catalog/381/lot/154083
http://www.saijiaoarts.com/perfessionalwork
View from the roof of Hilton Grand Vacations Club Las Palmeras Orlando:
Source: https://www.linkedin.com/posts/ray-miller-cam-694701109_epic-universe-universals-new-theme-park-activity-6978520579075121152-odxI/
https://twitter.com/bioreconstruct/status/1571109688481312769/
https://twitter.com/bioreconstruct/status/1570952061055008769/
https://twitter.com/bioreconstruct/status/1570827011916177409/
https://twitter.com/bioreconstruct/status/1570832902572888069/
https://twitter.com/bioreconstruct/status/1570865240459608065/
https://twitter.com/bioreconstruct/status/1571136742782291969/