That is the case. I originally disagreed with your assertion, however after looking into it, I agree it is not the Pride flag. The Pride flag has colors in a different order and doesn't have the word "pace" emblazoned across it. Google "rainbow flag world cup" and you'll see the differences between it and the Pride flag.

Even so the average person won't look into it and the symbolism still stands in the majority's eyes. So win-win for symbolism on both accounts I guess.