^Yeah, basically. To keep it short, these two are part of two different Archetypes that are fighting each other. However, their story stated that these two were friends while Dakki/Yoko (the fox girl) was hiding as a human during the day (As seen in the artwork of "Ghost Meets Girl - A Shiranui's Story").
The girl in the background (Yuki-Onna, the Ice Mayakashi) was part of a recent story with the other two where she stole Shiranui Squire's power while her and Dakki were having a fateful encounter in order to make herself stronger and to make so that it was always night (Because Mayakashis like her and Dakki can only transform into their monstrous form during that time). This caused the two to work together (as seen in the artwork of "Ghost Meets Girl - A Masterful Mayakashi Shiranui Saga") to take her down. This picture is meant to act as a possible follow up to what happened after the battle, where Squire and Dakki/Yoko decided to make up in more ways than one.