Well, from my limited understanding of the situation, that seems to have been the case. However, after seeing this box, the name came from somewhere else, perhaps a previous owner of the game that lost the box and completely forgot how he knew the name or some crazy River Raid fan who dubbed it Air Raid, or the box is, indeed fake and meant only to raise our hopes of official recognition of the subject.
I wondered about the name "Air Raid" on the box, too, but Mr. Galaxian pointed out that Terry Rutt stated in an article verifying that Air Raid was the name of the game. It's on page 3 of this thread (sorry, I don't know how to link to specific posts).
Click the post # in the top right corner to get a post link.