Well, the short answer is "no" and the long answer is "maybe".
The medal you show here is actually the Prussian Landeskreigerverband" Kreigsverein Ehrenkruez".
This cross was awarded by the War Vets Association of Prussia to its most distinguished and loyal members.
It was technically a separate organization from the Kyfyserbund, which was and is a national veterans organization.
However, after the "coordination" of the veteran's groups by the Nazis-beginning in 1934, the veterans groups were a little confused. There are groups out there with ironclad provenance with these awards-technically "banned" or "disallowed' by the decrees of 1935 (and early 1936 confirmations) being awarded as late as 1940! Apparently there was some "wiggle room".
The ACTUAL Kyfserbund 2nd class award is NOT the long service award shown at the top.
The "Fuhrer" of the Kyfyserbund created the Ehrenzeichen at the beginning of 1934. There were two classes: silvered and "vergoldet" and these were to be worn under medals on the left breast. the silver was given for a MINIMUM of 10 years membership/service and the gold for a minimum of 15 years service. Prussian Ehrenkreuz holders (like you medal) could trade them in for the Kyfyserbund badge (I can't fathom why they'd have done so). Technically the Kyfyserbund medals were withdrawn and "coordinated" by the Interior Ministry in 1935-but by the documents above you can see they continued to be awarded by local authorities. The Nazified version was introduced in @ 1936 and shown on the NSRKB armband. ("Reservisten in Baden: 1981-pp. 48-)