Yes, the image is slightly misleading at first glace, but it is accurate. The image shows the parts put together but it not the actual firearm, empty takedown pin and no trigger group visible. The kit will include the grip module, slide, barrel, recoil assembly, and a magazine. The Fire Control Group is not included and will need to be acquired separately.
This image is also misleading because it actually shows the grey Legion slide. That slide is only available with complete Legion pistols. This kit instead has a black version of the same slide, and the removable rear sight plate doesn’t have the Legion chevron etched on the top as the actual Legion one does, nor do the two 17 round mags have the legion chevron on the bottom, and last, this kit doesn’t qualify for Sig Legion membership as the actual Legion membership on pistols do. This is a way to get all the same handing characteristics of the Legion X Five without any Legion exclusive branding. There are numerous Sig forums that discuss these differences and even show images comparing the kit to the actual Legion. Even on the Sig website it does not use the word Legion in the description of this kit.