Yes, absolutely. As a special education teacher, that toy is no more a fidget than a hole in the head.
A fidget is an object that a child is taught to use as a strategy to maintain focus, not something alternative to focus on. Appropriate fidgets do not put on a show. I prefer a length of therapy band tied to the rear legs of a separate desk and chair to bounce the feet on, a stress ball or balloon filled with sand for a different feel, a long nut and bolt with a felt square to lay it on inside the desk…There are many appropriate options.