No it’s not “the Buddha” — as in the historical Buddha, Siddhartha Gautama — but Hotei, the so-called “fat” or “happy Buddha” of ancient folklore. (Often, people don’t generally know the difference; here’s more on him.)
What you see here started out as a puzzle piece for the board game Playing Gods, and is now being made available as a statuette. (There’s also a “Badass Buddha” t-shirt.) Other deity/figures were similarly created, so if this is offensive, at least it’s equal opportunity offensive.
That’s all I’m going to say about this because, well, there are no words.