Don't know specifically about this one but many aren't. The Pillars Of Creation isn't[1]. Also we humans can never see most of space in "true color" with our own eyes, even in a telescope, because the brightness of the incoming light is so low that our eyes are detecting the photons via color-insensitive rods rather than cones. Only a time-lapse photo can bring out the real colors.

[1] http://hubblesite.org/image/351/news_release/1995-44 -- "The color image is constructed from three separate images taken in the light of emission from different types of atoms. Red shows emission from singly-ionized sulfur atoms. Green shows emission from hydrogen. Blue shows light emitted by doubly- ionized oxygen atoms."