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No. The new Ver Ka is the narrative version (with the sleeves markings on the wrists).

The red is a separate piece inside the backpack thrusters.

It uses a fair amount of the Sinanju's inner frame, but thankfully the biggest problem area - the waist connection - is brand-new and much stronger and less prone to breaking (the Sinanju's has an infamous tendency to shear completely off). This kit also uses the pre-molded hands included with other MGs like the 2022 Dom, 3.0 Grandpa or Ver.Ka Nu & Sazabi (made the same way as RG pre-molded frame parts) with individual finger articulation and ball-jointed knuckles/thumb, which are phenomenal for their range of articulation and posing but a bit of a pain to fiddle with due to the tiny joints and can become loose or fragile over time if you keep the weapon in a raised pose, but seeing as the original Sinanju has the old trigger finger/other three split hands like the RX-78/GM/Zaku 2.0s it's an overall improvement. The newer Narrative Sinanju Ver.Ka does include an improved dedicated rifle hand (like HGs or newer Mgs) that fixes that issue, but the entire kit molded in different colors than this version and doesn't completely fix the wrist issue or include the parts to make the original HWS-style rifle this one includes. TLDR: It fixes most of the Sinanju's issues but share the same minor ones as some newer MGs, still a net improvement.