No this is what the actual game looks like.
Absent is all those dozens of added EXPENSIVE shadow casting lights.
Replacing the 512 to 1k textures with 4k cloth, face, eyes, skin, props textures.
Using cinematic lighting and shading settings.
And just to point out, cinematic settings IS NOT cut-scene.
Cut-scenes run on the actual settings of the game which are most times low/medium depending on the console game.
Unreal Engine for example has low, medium, high, epic (ultra) and then cinematic.
So no, calling this "in-engine real-time cutscene" would waive away all the huge texture, lighting and material changes that been done just to prepare this one single frame.
Its not a cutscene, its simple a picture for a portfolio piece that's done ALL the time.
You either use solo of your character or you use a cutscene shot of your character within a scene.
The term "CG" simply indicates its not real-time or not intended for real-time.
Notice I didn't say it "looks CG" but that IT IS CG!