No, that one had the same ribbon as the 1914/18 Honor Cross.
The second ribbon is definitely for the 1939 EK II. This means that the first ribbon cannot be the ribbon for the 1914 EK II, but would have to be either for the Prussian Goldenes Militärverdienstkreuz or Militärehrenzeichen 1st or 2nd Class, which used the same ribbon.
I don't find the combination plausible, as I can't imagine that a soldier holding one of these high Prussian awards would not also have the 1914 EK II as well (in which case there would be two identical black-and-white ribbons there and no 1939 EK II ribbon). Also, I would expect a proud veteran of both world wars to have applied for the 1914/18 Honor Cross, whose ribbon is absent here.
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