Yeah, looks like it. This is the moment where Oda can really turn it around and say "look what kind of a monster you're dealing with here," while also having him take some damage that will help cause his defeat down the line.
Basically, this is when Kaido's "Whitebeard charges into battle after the Squard stab" moment, except he's not a sick old man and there's no Admiral to hold him off.
At least, I hope so.