Yes, you are seeing it. a very rare mugen, that was pretty big back then. for, it was considered a large collection that was a available at that time. the description for it goes like this:

MUGEN (800+ Characters; 400+ Stages),
This mid-2000s compilation has an... interesting assortment of characters. There's a lot of characters from the Japanese MUGEN fullgame Nijikaku, a lot of questionable Latin American DBZ characters who would go on to become popular on sites like SaltyBet, a little bit of vintage 4chan even, you name it. Combined with the Kanye track blasting at you the moment you enter the select screen, this is 2006 at its prime.
While this was originally uploaded to Deadfrog Anime Torrents in October 2006, most of its exposure comes from an August 2007 Pirate Bay upload, where it was called "MUGEN (800+ Characters; 400+ Stages)"
A couple of things to keep in mind: there are really only 223 (installed) stages, not 400, and the game's set to max speed by default (which you can configure by going to the options screen from the main menu).
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Character list: https://pastebin.com/nZgc4g7z
I retrieved this from the Internet Archive, I want to expand it elsewhere.