Not necessarily. This is a playable teaser, not a demo. It is not reminiscent of the final product at all, it was just made to give the fans something fun and challenging and be rewarded at the end with the Silent Hill reveal. It may be first person, or it may be third person. No real information has been released yet, besides Kojima and Del Toro collaborating on the project and Norman Reedus playing the main character.

I really liked the first person part of The Room. I would like to see a first person SH.