It's recursive, but not XXE. It is 20 layers of nested SVG groups, where the first group contains 10 blue circles, and every subsequent group contains 10 of the previous group. This would render as around 10^20 blue circles.
Yes, SVGs are XML-based and may be vulnerable to generic XML-based XML external entity (XXE) or exponential entity expansion attacks, but this particular malicious SVG is using SVG-specific features to create the resource exhaustion.
