Not quite. It's actually a hexatonic scale, AKA the whole tone scale. Each note is a whole step up from the last one. The outer circle is a C whole tone scale and the inner circle is a B whole tone scale (i.e. they're offset by a half step). The circles and lines are used to highlight other harmonic relations, like the circle of fifths. The following blog post explains it in more detail.

https://roelhollander.eu/en/blog-saxophone/Coltrane-Tone-Cir...