Yes, it most likely is a reference to the Young Indiana Jones Chronicles. The specific adventure with Pancho Villa was shown in the first episode, the pilot "Young Indiana Jones and the Curse of the Jackal". It was also recut as the 6th film, Spring Break Adventure.
Lucasfilms considers most things in canon, with the feature films being the highest canon, ...
The series is also referenced in Indiana Jones and the Kingdom of the
Crystal Skull, when Indy describes his adventures with Pancho Villa
(chronicled in the first episode) to Mutt Williams.
The first episode of the series was Young Indiana Jones and the Curse of the Jackal:
Indiana finally caught up again with this jackal shaped ...