No, its a very poor representation of Shyvana, and it's a far less anatomically possible.
Her armor doesn't look like her in game model, the original classic splash looked exactly like the character herself.
They didnt even keep her facial features, the artist didn't do anything to preserve the way Shyvana actually looks. They changed her armor where now it looks like its a few sizes too small and doesn't fit, her hips are freakishly big with a thigh gap that's impossible, and even worse they removed her dragon form from the art, where its visiable in every other splash for her.
It's over detailed, poorly executed, doesn't look like the actual character, and her pose is cringe worthy. The whole artwork update was very poorly executed.
Sorry, but I have to disagree with you. The new art is a thousand times better then the old one. It's much sharper, more detailed and gives her a much more menacing look then the old one. I don't know where you're looking but her armor looks huge and heavy as hell, also really showing how much stronger she is then most other humans. Overall, I'd say it's a great step forward. She looks great along with all the other characters that got new splash art.
I don't understand how you can say it's better when it doesn't actually portray the character. It's over detailed, her bodyshape is now highly unrealistic and poorly represents her. The new artwork is a very very poor representation of the character. Both in character, and visual design. It literally does not look like Shyvana.