I think I have a better singing voice than that, and I suck balls at singing. This got a deal with a label? 
It's a joke dub.
Yes.
However, with that said, every time I've ever heard her sing on a live broadcast, she almost always drops notes, sings flat and has a thin, anemic voice. Either she's auto-tuned (or pro-tooled or whatever) in the studio or she does a thousand takes per song (or both) because her live singing is deeply underwhelming.
Step-Mang #4 introduced me to 'Shreds' on Youtube. We laughed our asses off watching these but when we pulled up the Taylor Swift dub we were like 'Huh? I can't really notice much of a difference."