Kind of, but not really.

The instrument featured in that video is what's known as a chichtli, a "skull-whistle" that uses an air-spring mechanism to create a rattling/whistling sound when blown. However, the particular version of the instrument shown in that video isn't exactly the same sound, and appears to be a modern instrument loosely based on the ancient one. The actual sound of the ancient instrument is described by ethnomusicologist Arnd Adje Both as "a distorted sound reminding one of the atmospheric noise generated by the wind." This video is probably closer to what the instrument actually sounded like.

Also, the idea that warriors would carry these into battle and use them to terrify enemies is pure speculation. Musical instruments used in warfare were more commonly drums and conch shell trumpets, and their purpose was more to provide signaling to their own army than to intimidate their enemies. The chichtli was more likely used in religious rituals associated with the underworld rather than warfare.

Edit: I should also add that these instruments are relatively rare in archaeological contexts compared to more traditional flutes and ocarinas, which is further evidence against the idea that an entire army would be using these in battle.

• Both, Arnd Adje. 2010. "Aztec Music Culture." The World of Music, Vol. 52, No. 1/3, the world of music: Readings in Ethnomusicology (2010), pp. 14-28