No; the term has no normal form. It contains a lot of applications of the fix-point combinator Y.
As a simpler example, here's a lambda term for reversing input:
Yes, let bindings would get translated like that, but there would be some straightforward optimizations done, such as size-reducing beta-reductions, which strip out unused let bindings, and inline the single-use ones, as well as the multi-use ones whose definition is smaller than the unary encoded de-Bruijn index.