No, it's 50 MPH. Some say scale speed to XXX MPH and it mean XXX/scale but not in this case. The scale speed thing gets misused alot in R/C cars.
I have a electric F1 car that does 30 or so. I have a bad habit of chasing real cars with it - lots of torque & no wieght so it accelerates very quickly. Freaks the drivers out, its fun to see them look down and see my F1 car race past them.
But he's upgrading it with the full bearing kit and 2 speed transmission. And, of course, he's trimming and painting the body. Overall it's probably about on-par with what you would have spent yourself to get it.
Scale speed is really 500 mph (50 mph in real life.) It's a 1:10 scale kit. These things are pretty sophisticated and HPI makes different tire compounds, foam inserts for the tires (to change "tire pressure"), different shocks (you change oil weight to change damping), different springs and different front and rear sway bars. These things are pretty amazing.
Just note that nitro can get messy. It will spit-out oil, it requires tuning to run correctly and you'll have to adjust the "trim" on the remote to adjust the centrifugal clutch and to adjust force on the brakes. This is a hobby that WILL consume a bunch of your time. I know... I have an HPI nitro SVT Lightning (all wheel drive, nitro powered... it's a hoot!)