My only guess is "no, it's not" as at no point in the trailer can I see any small text telling you things like "not actual gameplay" or even a "gameplay not final" to tell you the opposite.
It has an Unreal Engine watermark for a little bit to of course tell you they've used the Unreal Engine but they're banking on people assuming the Unreal Engine can only make gameplay or something and nothing else.
Small text no matter how subtle is usually in most western trailers because they absolutely do not want to be liable for being even slightly shady even if their intention was to trick you. But I'll be glad if someone with more know-how on the China side of things could tell me.