But is it THE shield..?
Page Six is showing off some new candid photos taken Monday from the Atlanta set of Disney+'s The Falcon and the Winter Soldier featuring co-star Wyatt Russell who will play John Walker (a.k.a. U.S. Agent in the comic books) in a military uniform and a full-on Captain America-ish costume including what looks like Cap's famous shield (and what looks to be a sidearm, by the way).
The scene appears to be a press opportunity, perhaps the introduction of Walker in his costumed identity.
If it's the authentic shield, it suggests the series plot may involve the United States government having different ideas than Steve Rogers as to who should succeed him at Captain America proper. Rogers passed the shield and assummingly the mantle to Sam Wilson at the end of Avengers: Endgame.
Of course, true blue Marvel Cinematic Universe fans know there was some sort of experimental or replica shield onboard the drone cargo plane the Vulture tried to rob at the conclusion of Spider-Man: Homecoming, so readers shouldn't jump to conclusion that Russell/Walker is carrying the authentic shield and what it means in terms of his costumed identity.
The Falcon and the Winter Soldier is set to debut this fall.