That's probably what the creator of the logo wanted it to suggest. However, the exact similarity is what makes me figure it's fake—it also does seem odd that the logo maker, who is clearly very talented, would both to copy an asset from an older expansion logo if they simply could have drawn a new one. They either may have gotten lazy, gotten too specific with the reference in trying to make it look as precise as possible, or they wanted to deliberately have a sort of "signature" to prove it's fake later down the line.
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I maintain it's for a flashback sequence to the Aspects fighting Galakrond. It could be a Caverns of Time raid, but I figure that another dungeon set in Dragonblight would be too much reuse of assets after Dragon Soul, Hour of Twilight and End Time all used Dragonblight as a staging ground. We also haven't seen a Caverns of Time in a very long while, but that could simply be chalked up to the lack of need for it—a Dragon expansion would be the perfect time to reintroduce them.

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