Most exterior spigots are cart brass with nickle plating--if they are Iron--electrolysis may occur which will corrode the connection--making replacement a bad experience.
Yes it appears so.. I am concerned how much galv. plumbing I have inside the walls?Got you---they used a galvanized nipple to couple the copper to the spigot---you may be fine --but that would have been better if brass or copper was used----expect some trouble when the time comes to replace the spigot---the threads may be a bit corroded.
I do not suggest that you change it now---just be prepared for extra work if you ever find seepage or have a failure of the spigot---