No. The "cult" of semtimentalizing children, especially babies, goes back decades further than that, into the 19th century. Judging by the hairstyles and clothing, I'd say this is more like 1910-15 at the latest.
I'd go ahead and clean the outside of the glass....carefully! I don't really know the value on this, but $50.00 seems generous. I'd keep it for a baby's bedroom, bathroom, that kind of thing.