You're right, that chord is over pedal point.
What I've noticed about this piece, and I've posted this here before, is that the whole thing sounds better when pedal is used throughout (Cziffra's version, on youtube) as opposed to majority of performances where no pedal is used (Horowitz, etc...). It was this that made me decide to use pedal freely when playing anything, even if it is not written in. Example, I was learning Chopin's Raindrop prelude, and during the middle section with left hand chords and repeating G# in right hand, this is written to be played without pedal. So I learned it like this, and just wasn't getting what I wanted out of it. Once I added pedal, it sounded so much better, you could do so much more with the piece. So I explained this to some people and played both versions and everyone agreed the pedal sounded so much better, so that's what I now do.