Not quite, the original design from Psycho Soldier is a lot more chubby than that
Notice the overly chubby arms and thicker waist in general. I don't really count this design much because it's absolutely nothing like any of her other designs, it's also overly plump, being the first design of her ever it's more of a "concept".
Streetfighter 1 Ryu for instance isn't really like any of the other Ryu designs. shoes, Red hair, forearm length gloves, less muscular face and body overall.
Things do change a lot from the original design and since SF2 Ryu has practically remained the same since. Developers usually do that, the idea starts out rough and then they evolve it and stick with it.
(This is not counting charactes that are intentionally evolved with each game like Yoshimitsu from Tekken, of course)