very good point! I am still impressed by this picture, as it shows an independent line of thinking, and despite the fact that the nautilus may very well be specialized in some ways, it is still a better guess to make than than making it look like a squid in a cone. Sort of like latimeria. it may very well be specialized in its own ways, but it still can help us better understand what fossil species probably looked like, it can even give insight on soft tissue anatomy, even if not in the details, the general structure we see today would be similar to the preexisting one, even though the preexisting species may have added a few unique twists of their own to it.
I think this picture is very well done. sure, it is still speculative, but the speculations made seem very reasonable. When you look at it, it doesn't even look exactly like a nautilus, it looks more primitive than that. like you said, the number of arms/tentacles may have been variable, for example, so this is not a perfect or an exactly correct reconstruction, but given what we know about cephalopods and phylogenetic bracketing, this is miles closer to what these animals most likely looked like than any "squid in a cone" reconstruction could ever dream about.