Yes, it is. It's the so-called Habsburg Hall (see my previous posts) with the busts of Emperor Charles III, Maria Theresia, Franz Joseph and Elisabeth. The ceiling was decorated with an allegoric, Tiepolo-like wall-painting of Károly Lotz, The Apotheosis of Franz Joseph and Elisabeth. This room almost completely survived the bombings of 1944. There's a short film from 1945: a father shows the ruins of the castle to his son. He speaks about the former glory: he shows 15th century woodcuts of the castle, pages from King Matthias Hunyadi (Corvinus)'s (1458-1490) famous Florentine manuscripts, the so-called corvinas to illustrate the palace's Medieval Grandeur. He shows the baroque-neobaroque ruins as examples of vanity. Then they visit the ruins of the Habsburg Hall - the father says, that ART conquered WAR: the fresco of the famous Lotz remained (Not surprisingly, he ignores it's theme...)
After this film, it's srange to see the consequences: The whole palace became (officially) national monument in 1948. In the 1950-70s archeologists were really proud of their work: they managed to find many fragments of the Medieval palace under the Baroque one. BUT while they did a great job down under, they almost completely destroyed the baroque-neobaroque interiors (because of art historical/political reasons) and in the name of modern priciples of historical monuments' protection, they cleaned the baroque exteriors from the Neobaroque changes, and then they needed to alter the originally neobaroque wings, too, to make a "standardized" look. Etc. etc. The Habsburg Hall was demolished in the early 1960s. Today, it's replaced with a totally modern (and very ugly) interior.
P.s. The busts of Charles III & Maria Theresia are remained. They needed serious restorations, because in the 1960s, after the demolition of the room, they were trown out, but now they're on desplay again, in the Budapest History Museum (in one of the wings of the former Royal Palace)