Believe it or not, no!
That crank is what it says it is, and it is from the wrong era, but otherwise about right. It is a Fu Pao forged crank, 165mm. I think Fu Pao was a Taiwan forge, but my head is cloudy about this. I also believe Schwinn used them at some point after Chicago closed, or after Ashtabula Forge folded. Both closed in the same period, early 80s. 165mm is the same as a 6-1/2 inch Schwinn crank, which was the longest one-piece crank they used after WW2 as far as I know.
So, for all practical purposes this is of the same dimensions and shape as a typical Postwar Schwinn crank. In 1961, an original Schwinn crank would have been forged at Ashtabula, Wald, or at least one more source that remains unclear. Maybe Schwinn themselves. It would have has MUCH nicer finishing than this one. It probably would have been stronger too, but that may be splitting hairs.
Fu Pao was far less highly regarded in BMX circles than Ashtabula, Takagi, etc. Fu Pao were perceived to be weaker. The downright lousy finishing implied cheap. It is still way better than the bent metal department store bike cranks of the era. Those were made of cheese.
Your Fu Pao is a similar-looking direct replacement for the bike's original crank if it has 28TPI threads. It could also have 24TPI threads, the everybody-except-Schwinn thread. 24TPI has slowly but surely become the only one-piece-crank thread standard in the years since Schwinn Chicago's demise. The Original bottom bracket stuff would have been 28TPI, and would have used 9 ball cages.