Yes, I believe this particular one doesn't have anything to do with some sort of a new Shenmue release.
They said:
"We ask artists what their favorite classic game is and that's the one we have made. They really need to have a connection with it."
source"In the case of Jet Set Radio, that print was even co-art directed by the original art director of SEGA Japan."
source"These are indeed all licensed by SEGA. Official prints based on the original assets from the SEGA archives."
source