I think it's actually EGA, but it's definitely not CGA. CGA only supports 4 colours and you can tell immediately from the dark blue that it's not CGA, because that's not one of the 4. There are also at least 5 colours shown, all of which happen to be from the standard EGA palette.
VGA generally used the same text modes as EGA and very few people actually had an EGA, so referring to it as a VGA mode is an understandable mistake.
There were actually some VGA-specific text modes (80x30 mode for example) as well as SVGA modes, but they weren't really used much because the EGA modes were good enough, more widely compatible, and IIRC the 80x30 mode was noticeably slower.
Also IIRC, 80x30 mode used a slightly different font than this one, which is why I think it's the usual 80x25 EGA rather than one of the other modes.
You're right. I just looked it up, it seems I misremembered the CGA/EGA palette specs.
I'm pretty sure this is based on the standard EGA/VGA font, which is 8x14 pixels, whereas CGA only supported 8x8. Characters like A, N and M look noticeably more pixellated around the diagonals in CGA mode.
This is very much the one everyone would recognise from the VGA era, although it's actually an EGA mode.
(VGA is from 1987, by the way. :) )