Yes! That is a legit fan from the factory. Only present on '87 SE analog boards. My SE/30 has one because someone swapped in an analog board from an early 87 SE.
It is nicknamed the squirrel cage fan. If you maintain them, they aren't so bad. If you let the junk build up, yeah they get loud and obnoxious. Personally I kind of like them, they also move a bit more air than the axial fan that was shipped in later units.