Yes, that looks like quite a severe case of bumblefoot. Start treating immediately. Treatment includes soaking for 10 minutes in Epsom salts followed by removing the scab, getting out the core and infection (white and stringy),packing with triple antibiotic cream, applying a small square of gause and then wrapping up with vet wrap. From then on do a 10 minute Epsom Salt soak followed by a 20 minute, 1 percent betadine towel soak daily, wrapping and repeating this until the scab drops off.