Not really, but it does look that way! A 26 ga brass wire is looped around and between the horse's lips to hold the snaffle rings in place (one doesn't want to drill into a hand-painted collectible to secure model "bits").
The early British military saddles came in two types - a trooper's saddle with a high-arched cantle with an extended spoon, and a low-arch driver's saddle (low so the harness supporting the breeching and/or crupper can attach low on the rear of the cantle).
While awaiting an order for 1/16-inch leather lace, I experimented with 1/16 waxed linen cable lacing tape for practicing on making the miniature bridle.