Any horse people can see from the art that something is a little off. The riding style, even the horse, is European. No america studio would have Indi riding like that with his knees all bent into high stirrups. He would, he did, ride like a cowboy.
Good point. The horse in the picture is most likely inspired by the famous statue of mounted Saint Wenceslas[1] from Wenceslas Square, as the title "Indiana Jones in Wenceslas Square" suggests.
Interesting article, but it's strange that Indiana Jones in Wenceslas Square and the game where you have to burn books to "emit the light of progress" (!) are website conversions that bear no resemblance to a ZX Spectrum game and have made up "loading screen" graphics, whereas every other playable game[0] from the period has a screenshot from the game and plays the Spectrum code directly in browser.
See https://i.dailymail.co.uk/i/pix/2015/03/19/26CF475300000578-...
Note the different stances of the three characters. Indi and his father are on western saddles.
https://theurgetowander.files.wordpress.com/2012/06/indianaj...
https://www.thesprucepets.com/english-and-western-riding-dif...