I just had mine replaced by a Toyota dealer and can confirm the splines are exposed like that.
However, if that yoke is any indication of what the joint looks like (it probably is), I'd expect to be replacing it in the near future. The joint will become frozen and will only move in one direction causing a binding of the wheel and what feels like the loss of power steering.
I do all of my own work on my truck and that job was one I gladly paid to make someone else's headache!