Cropped screenshot burying the lede here. As others in the comments have already noted, yes - this is explicitly designed to allow existing RuneScape players, who have been a member, and have missed the last Double XP Live, to get a chance to catch up and jump back in. This is significantly less Double XP Time (50% less!) than existing players literally just had.
I can appreciate the concern behind this but I want to assure you that the design behind this Returning Member Offer is something that we've spoken about at length. This is ideal for a friend or an account that's not played in a while and wants to get back into the swing of things but isn't entirely ready to commit to a month's membership or has just missed DXP and wishes they could close that gap to their goals a little more.
We're happy to see feedback around this and we wanted to give it a chance and see how it resonates with players and what kind of impact it has. I, myself, have been repeatedly convinced to jump back into memberships I've had when reoffered them with a great discount, so I'm hoping players feel the same way!