I don't think he is, as that does not look like the ring attire Benoit wore in WCW. My guess is it's another wrestler whose face they blurred out because they don't have the okay to use his likeness in the game.
Trust me Chris Jericho is 50 and sting is in his 60s they both don't have a long time wrestling you can expect WWE picking them up on Legends contracts in the near future