Mark, this is one of the all time crispest and most informative old aerials that I have seen in terms of showing surface contour, so a great find on your part. The short answer is that no the course is not like this today.
The club had an architect in Chris Pitman, and English former superintendent I believe. Unfortunately he re-interpreted Mackenzie's bunkering in the style of the Cal Club etc, or a pastiche thereof, rather than finding the evidence locally of what was once there. And as we can see from this 1940 aerial the club did a pretty decent job of interpreting Mackenzie's green plans and his bunkering. But this bunkering appears more in the mould of the Meadow Club to my eye, which interestingly is the very next project chronologically that Mackenzie went on to do after he travelled on to the US after leaving NZ at the end of January 1927.
Tom, certainly Mackenzie had no-one of the calibre of Russell or Maxwell to do the work, but Titirangi entrusted one of its own members, Bert Cooke, to undertake the work and by all accounts he did a pretty decent job. Further, it is recorded that Mackenzie was asked by the committee to have a bunker built under his supervision before he left (which was also done at Royal Adelaide) so no doubt they had at least some guide as to how Mackenzie wanted the bunkering, and could follow this lead. Cooke apparently built more new greens that mackenzie envisaged, so probably some of them were Cooke greens! And in 1938 Charles Redhead rebuilt the 2nd green short of the hole as Mackenzie had designed it and Cooke built it just across the road. The council eventually saw the danger in this and forced the club to change. So the second green is a Redhead one.
There seem to be hardly any old photos in the club's history that depict the bunkering, the only one I could find is this one of the par 3 11th, called the Redan. I've included Mackenzie's green plan and the 1940 aerial for comparison.