Well sort of. Ferrari adopted the horse, from a well respected pilot's plane, in the italian air force (WW1). Also, the prancing stallion is also believed to provide good luck, and as I said in the description , ive always found the italy crest quite boring.
Wow, your right, the current one is terrible. Its just a flag on a shield. This would be an improvement by a far way, because unlike the real one some actual thought has gone into it.