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personally i think the theory is stupid as hell and that the dragon head is just a weird coincidence.
there's tons of stuff out there of people hypothesizing about necrozma's dragon form but they all look...insubstantial to me. like, as a dragon necrozma looks worse and more incomplete than normal. especially in stuff like the pic in the op. it seems to be indicating that necrozma's arms and legs are reversed but it just looks way too barebones to me. i guess it could work if it combined with something else kyurem style, but i doubt gf's gonna retread that ground. that, and i think it being a secret dragon is boring as hell.
not exactly the most educated opinion i'm putting out here but i don't feel like researching too deeply at the moment.
pic related is one of the most common designs i see for necrozma, and another example of the bareness/incompleteness i'm talking about. it looks like someone tried to assemble a puzzle with 2/3s of the pieces missing.