Not necessarily. That's a 2012 TT bike, made back when "get low to get fast" was the thing. It's likely an old-style geometry, with a dinky head tube.

After years of testing in wind tunnels and ergometers, people now know that lower is not always faster, and TT positions are now more upright than they used to be.

Supporting evidence: That 2012 Cervelo P2 in a 51 frame size had a 90mm head tube. The 2019 P2 had a 97mm head tube. The current P5 has a 101mm head tube.

Granted, 2 inches is a lot more than 11mm. But the important TT position is the height of the aero bars and elbow pads, not the "bull horn" bars that don't get that much use. Adding stack to aero bars is trivially easy.