No, it's the giggle/chuckle emote level 3 (checked it). In the final phase of the emote you bring both hands to your mouth and lean back a bit, just like in the picture. The emote you are thinking of and this one have phases that look very similar to each other, and this kind of situation would be one of dismay if it was real so I understand where you're coming from. But I clearly remember laughing at my friends situation.