Yes.
That is a later style connector for the fusible link. Also used with the optional heavy duty alternator wiring schemes in later years. The connector is designed for locking together.
On a standard '74 wiring, the other end of the fusible link goes into the bulkhead multiconnector. Check that too.
Lots of guidance this in other threads. Pay attention to what the ammeter is doing under various situations. High charging rates can cause the heating in battery feed/charge line connections. Otherwise you may simply be looking at oxidation or vibration or other long term environmental cause.
