yep! want to be certain? Start it up and loosen that pressure sending unit. You'll then know how Jed Clampett felt when he struck oil, black gold, Texas tea. First thing you know, you'll be a millionaire, kin folks'll say Joe move away from there.Looks like an oil pressure switch. Notice the oil line going up? I suspect your low oil pressure light may be missing/burned out.
These switches can fail too.