No. These are two separate items:
Preview Image
When publishing a title with your ArrangeMe account, the system automatically generates a 'Preview' image from the first page(s) of the PDF you have published. This is the image that Sheet Music Plus currently uses to display as a thumbnail in search results, etc.
On Sheet Music Direct, this Cover/Preview image is only visible when viewing a specific product page. For search results, they use a separate image called a "Title Image", which defaults to the ArrangeMe logo for all titles published with a Basic account.
Title Image
The Title Image is a separate image currently used only by Sheet Music Direct and Noteflight. This is the image that appears on Sheet Music Direct when adding titles to your Carousels for your Publisher Profile Page.
(Sheet Music Plus does not currently use this Title Images, but is looking at possibly incorporating them in the future.)
You may upload one Title Image for all of your assets, or you may choose to add different images at the individual title level.
The default Title Image for all ArrangeMe Basic accounts is the square ArrangeMe logo. As an ArrangeMe Pro member, you get to upload your own custom title image if you wish.