Yes, it’s apparently a hoax. But a good hoax:
There, in what appeared to be a 30s-era newsreel, was H.P. Lovecraft, uncomfortable and uneasy, gaunt and pasty, speaking in an educated 19th century New England accent, displaying socially awkward mannerisms, and sitting at a desk talking about his work. I’d read a lot about Lovecraft, and had never heard any mention of him ever having been filmed, but the illusion was so well done, that it had me thinking, just for a second, that somebody had dug up some long-lost footage of Lovecraft. It is part of this attention to detail, for example the use of material drawn directly from Lovecraft’s voluminous body of letters in the newsreel monologue that really places this portion of the film a cut above.
It sure sounded like him. That’s because the words were by him.