No, that icon should not be venerated. It is simply a polemical propaganda piece, promoting a particular ecclesiopolitical ideology. Some food for thought:
Iconography is, above all else, concerned with the revelation of God in Trinity: of the incarnation of the Son and Word of God which has allowed the sanctification of fallen creation (matter), including humanity (made in the image of God)**; of the signs and wonders of the Divine revelation in both the Old and New Testament periods; and, in its portrayal of the saints, their transfiguration from mere men and women into those who have attained deification, a "oneness with God" and full participation of the heavenly life with God and in God, through the conduct of their earthly lives and their steadfast witness to the true faith. They have become true icons and reflections of the Divine. The word godly is most apt to describe them.
(** St John of Damascus sums this up beautifully: "Of old, the incorporeal and uncircumscribed God was not depicted at all. But now that God has appeared in the flesh and lived among men, I make an image of God who can be seen. I do not worship matter, but I worship the Creator of matter, who through matter effected my salvation. I will not cease to venerate the matter through which my salvation has been effected.")
Secondly, in the same way that the saints have obliterated their passions to give themselves completely to God, icons must also reflect this dispassionate quality. Obvious displays of human emotions, even a “positive” one such as laughter, are considered to be manifestations of human passion, and therefore have no place in iconography. Christ’s kingdom is “not of this world” (John 18: 36), therefore the portrayal of saints in their spiritually transformed state must be dispassionate. This also applies to church singing and reading; the singers and readers are there to glorify God and serve the church by their efforts, not to self-aggrandise. Even the display of sorrow in the face of a saint or the Mother of God should be kept subtle, with the emotion conveyed with the eyes, not through histrionics.
Thirdly, there must be complete agreement between scripture, liturgical content (which represents the distillation of the doctrinal, dogmatic and theological position of the Church), and the pictorial content of an icon for any icon to be deemed canonical.
Hence there is no place for ugliness, anger, enmity, and other negative emotions in iconography. The purpose of an icon is to draw us closer to God. Of course, there are specific examples of didactic icons, such as Last Judgement and Ladder of Divine Ascent which feature fearsome dragon-like creatures swallowing unrepentant evildoers. The Resurrection icon shows the personification of sin and death bound in chains in the abyss. It may be said, therefore, if there is room for such portrayals in these canonical icons, then why object to the presence of the figures in the Ark of Salvation image?
I offer this reply: An icon is a material, tangible expression of the incarnate God. The iconographic portrayal of the saints as icons of Christ, then, should reflect the sanctity, dispassion and boundless compassionate mercy of Christ to those who repent of their sins. Do we not pray to the saints and the Mother of God to intercede on our behalf? Are we not exhorted to pray for our enemies, to love them, and not to hate them? Of all scripture passages on this theme, Matt. 5: 43-48 is perhaps the most useful and succinct:
“You have heard that it was said, ‘You shall love your neighbour and hate your enemy.’ But I say to you, love your enemies, bless those who curse you, do good to those who hate you, and pray for those who spitefully use you and persecute you, that you may be sons of your Father in heaven; for He makes His sun rise on the evil and on the good, and sends rain on the just and on the unjust. For if you love those who love you, what reward have you? Do not even the tax collectors do the same? And if you greet your brethren only, what do you do more than others? Do not even the tax collectors do so? Therefore you shall be perfect, just as your Father in heaven is perfect.
We are also assured that God is Love, and that His love and mercy are available to all who seek Him in true faith. There are petitions in various Orthodox litanies which ask for the repentance and return to the true faith of sinners, apostates, and, yes, enemies. One which immediately comes to mind is "Let us pray for those who love us, and those who hate us", a petition in the litany sung towards the end of the Great Compline services of Great Lent where the Canon of St Andrew of Crete is sung.
There is the question of the iconographic portrayal of prophets and saints who denounced kings and princes. Such scenes are found in the smaller panels of a "life" icon of a saint or prophet (an icon which has a large central panel of the saint or prophet, surrounded by a series of smaller panels showing scenes of his or her life). Keeping to the dispassionate nature of icons, these scenes of rebuke of kings and princes (such as in icons of Prophet Elijah, and any number of OT and NT saints and righteous ones) show the saint standing before the errant ruler with a hand raised in rebuke, but nothing more. It is also significant that such scenes, almost without exception, are never used as icons in their own right.
it is not surprising that certain schismatic groups have favoured this so-called Ark of Salvation image as it reflects their particular ideology. This image suggests that those who are not Orthodox are somehow beyond repentance and redemption. Can we really agree with this as Orthodox Christians? The persecuting Pharisee Saul openly boasted of his zeal and success in persecuting Christians, yet, by the grace of God, became one of the Princes of the Apostles, a pillar of Orthodoxy. There are also innumerable converts to the Orthodox faith who have come from every religious background imaginable, including atheism, paganism and communism; many who have become saints, in times of old, and in our present day. The grace of God knows no bounds.
Iconography, as I have said before, must never be used for political or ideological purposes. To portray the non-Orthodox as a whole as being irredeemable and in league with demonic and evil forces to destroy Orthodoxy is a shameful debasement of iconography. I am reminded of a reply to a convert to Orthodoxy as to how he came to the conclusion that the Orthodox faith was the true faith: "The Soviet Union was capable of destroying anything. Yet, despite its immense power and resources, it could not destroy the Orthodox Church. So that was good enough for me." The gates of hell cannot prevail, indeed ...