Yep. It's roughly based on Smuggler's Notch. The trails don't match up perfectly, but the lift line and the ridge of Madonna Mountain (rear mountain) do: https://images.squarespace-cdn.com/content/v1/54e64401e4b09706d499d446/1548424759187-R68N6JVIXB0CUOOAN1O8/Stowe+buying+Smugglers%27+Notch+Ski+Magazine.

The front mountain is roughly based on Morse. You can even see the Morse Highlands area behind the pine trees, bottom of the mountain in the foreground. https://nyskiblog.com/wp-content/uploads/2016/06/smugglers-notch-trail-map.jpg