Would seem to be the case. The whole vibe the film gives off also feels like it's of that time as well.
Just watched the trailer that was posted on this thread. I hadn't realized that John Goodman was in this. Even more pumped for it now. I was already on board because of Brie Larson, but if John Goodman felt that this was worth his time, then there's a decent chance it could turn out to be something worthwhile.