Yes. I wouldn't want to assert positively that it's on precisely 1/96 scale, but I'm pretty sure it was intended to be.
The kit has a rather interesting, and very long, history. It was originally issued by Pyro back in the early or mid-fifties, as a scale model of the fishing schooner Gertrude L. Thebaud. It was, in fact, a copy of the solid-hull wood kit of the same name produced by the now-defunct Marine Models Company. (Pyro was known as "Pirate Plastics" in certain quarters.)
Shortly after its original appearance, Pyro reissued it under the confusing label "American Cup Racer." (Note the careful avoidance of the term "America's Cup." Pyro never claimed such a ship had competed for that trophy - and certainly none ever did.) The kits were, so far as I know, identical except that the new version had vac-formed "billowing sails." (It retained the fishing dories on the deck. A "cup racer" with fishing dories. Yeah, right.)
When Pyro went belly-up the molds wound up with Life-Like, which issued the kit again as an "American Cup Racer." Eventually Lindberg got the molds and issued it as "American Cup Racer" as well. So far as I've been able to tell, it hasn't been sold under its original (and accurate) name, Gertrude L. Thebaud, since the days of Pyro. (I wonder why. Is it maybe because the name "Gertrude" is so unpopular nowadays? When was the last time you heard of a baby girl being named Gertrude? Or Myrtle?)
For the modern modeler the bottom line is that it's a basically sound kit. It's also quite basic and very, very old. (As I remember, the instructions tell the modeler to drill 1/16" holes in the hull for eyebolts.) As this thread shows, the potential is there to produce a beautiful model of a beautiful, important ship type.
My biggest complaint with it is that it doesn't have enough dories. It has four - in two stacks of two each. The real ship probably would have carried ten or twelve, in stacks of five or six. One of the beauties of the dory shape is its ability to be stacked compactly.
I wish Round 2, which apparently has a bunch of old Lindberg/Pyro molds nowadays, would reissue that one.
I hope nobody ever reissues Pyro's other attempt at a fishing schooner: the Elsie from some years later. I know that one only from photos, but the photos make it clear that it was a disaster. It was part of what Olde Phogies like me thought of as Pyro's "dollar series." It featured injection molded sails cast integrally with the gaffs and boom, scarcely any detail, and "dories" that bore no resemblance to the shape of an actual dory. Most awful of all was the gross "wood grain" planking detail on the exterior of the hull. The person responsible for designing the kit apparently had no idea how real wood ships are built. The "planks" in the after part of the hull started at one rail, wrapped almost vertically around the hull, and ended at the other rail. Looked utterly ridiculous. That kit, to my notion, belongs in the collector's market and noplace else.