No doubt!
One of the details I especially like is that you could see parts of his blue race suit underneath the damage.
It was one of the worrying things in that scene. I know the MKV was a light armour, but even still, if Tony hadn't ended it when he did, he could have been killed.
The element of Tony being in mortal danger(and using his wits to get out of it) is one that has been present throughout the movies.