It seems like it, since there's two versions of it, while a third set of splash pages are *not* encrypted (the ones for when season 4 starts.)
Its either one for each faction, or a version for a character at 60 & a version for a character below 60. They've never had a faction specific version of the splash page before.
At this point its hard to imagine what 9.2.5 feature would be encrypted & secret like this, other than an allied race. They don't typically put "pre-order cosmetics" on a splash page.