I can see why some might, but I don't.
It does have a ventral fin that fairs into it. But I'd still call this an unbalanced spade rudder. That fin is a fairly common design feature, used on many boats with spade rudders.
What makes it a little different is that the lower end of the rudder post seats and pivots at a gudgeon. That's not much different than a transom-hung rudder, though.
In this case, I would wonder about the rudder design, if the rudder post in fact ends at that gudgeon. Obviously it has held up fine, but it's nice to have the rudder post extend deeper into the blade. If not, you'd like to see some kind of skeletal structure in there. There may well be.
I have a preference for skeg-hung rudders, but my enthusiasm wanes when they don't included an aperture to protect the running gear -- which is one of the big benefits they offer. Absent the aperture, I'd rather have a well-designed balanced spade, with a shaft and propeller in nice clean water.
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Pacific Seacraft Crealock 31 #62
NEVER CALLS CRUISINGDAD BACK....CAN"T TAKE THE ACCENT