Yes, that’s the fuse. You only need to remove it, there is no need to make further connections. The reason is that if you are going to power RPi microUSB cable, that already provide 5V. If you are planning to use a separate 5V adapter (i.e. not through USB cable), then you can solder the +5V wire to the right pad of the fuse, because that’s the side that goes to RPi’s 5V pin.