No, it doesn't. I had a cat spayed back in February and her incision started to look like that, I was watching it closely and got her in to the vet who said it was a good thing that she was brought in so soon.
Too red, looks like there's some swelling/inflammation. It probably feels a bit warm.
Take her first thing in the morning, she'll need a shot to help the inflammation and antibiotics. And have the vet trim the long pieces off the stitches, that's just asking your cat to chew at them.