Certainly sounds like it. The whole issue was that if year was a two-digit value, it was always interpreted as 19xx. Some systems were updated to require 4-digit years, but many (especially older, niche systems, which plenty of airlines still operate on) just kicked the can down the road. Some made a new static cutoff date for determining 19/20 that someone will have to fix in X years, or a range based on the current date, which sounds like what happened here. Birthdate stored as 25? That means 1925. Birthdate stored as 23? That means 2023.
Any coders out there want to deal with decades-old tech debt for the remainder of your career? Pick up COBOL and live the dream.