Yes — it’s essentially a multi-GoPro rig for capturing spherical/360° video. Setups like this mount several GoPro cameras facing in different directions so their overlapping footage can be stitched together later into an immersive panorama or full 360° video.

Community answers identified it as being similar to the Freedom360 mount, a known rig for this purpose, and noted that the specific one in the photo may have been a custom one-off built by a photojournalist. These rigs can also be adapted for other specialty shots, such as panoramas or bullet-time-style effects, depending on how the cameras are arranged.

So your assumption is correct: multiple action cameras are synchronized, pointed outward, and combined in post-processing to create a single wide-angle or spherical result.