Indeed, at it seems particularly unlikely when you consider that the absolute state of the art in the ZX Spectrum demoscene nearly fifty years on still isn't as high-resolution as Terrahawks' title sequence:

https://www.youtube.com/watch?v=xJd6GtM5P9E

By the way, there is an excellent orchestral rendition of the theme music by the Royal Philharmonic Orchestra, seemingly from a recording for the 'On Screen' album in 1986:

https://www.youtube.com/watch?v=1lEQFrl9bEE