Well spotted, yes it is.
It happens to fit perfectly on a 7.25" wrist so there is the correct amount of tail that goes through the second keeper.
I think it would be awkward to fold the rubber tail back on itself, I have seen other people who have used a coin as a template and have cut the strap to the correct length using a scalpel.
They really are sublime nato straps, the only ones that I use, very comfortable and keep the watch head centred without the need to have the strap super tight.