No.
This track uses Terry Jones' original vocals and more layered tracks than the early '80s version - including more guitar tracks to give it a fatter sound and even a choral track to accompany Terry beginning around 0:45 or so. That alone makes it unique.
You can't even call it a remake; the vocal's the same...since it has to be. Digging up this outtake from the 1980 "Contractual Obligation Album" & shining it up a bit is sort of a 'living tribute' to Terry Jones.