yes, this is from a 1958 LIFE magazine.
There were a few variations on this in several different ads, but each had the same theme of a buyer looking to strike a balance between a large expensive American automobile and a small European one.
One of the ads had a famous baseball pitcher buy his wife an Isetta, (according to the drawing...) but his wife would have nothing to do with it.
The pitcher is shown holding the Isetta under his arm.