There are a lot of great images associated with D&D, and many that are better than this one from a technical or dramatic standpoint, but none of them beat this one for telling you what D&D adventurers DO (for the era it was made, anyway).
Yeah low-level ones in like late 1E, early 2E, absolutely.
That is one thing I feel like art from 3E onwards has slightly suffered from, which is not showing adventurers doing adventurer stuff unless it's being in a dungeon, or maybe if we're very lucky, sitting in a pub/inn. But like just living the life? Enjoy the loot? Not so much. Not that all the art needs to be that way, but I dunno, I don't think 4E/5E particularly have done as well with that - even a lot of the 5E pieces which do depict something like that, you can tell they paid the artist for X amount of time/effort and no more, like:
Like this:
Like this - is it bad? No. Is it finished? No. It's nowhere near finished, it's like, you gave the guy X hours of work on it, and if you'd given him X*1.5, he could have made this piece look great and really pop, made the for example, the materials actually look like the materials they are. Made the lighting drastically more convincing. Made the elf not look like he's just an unfinished cut-out.
The perils of a limited art budget. I don't think an '80s art director would even tell Larry Elmore or Keith Parkinson, "only spend X hours on it, that's all we pay for", or if they did, I think it was a lot higher number of hours. I'm not saying they're better people or better artists, but they were working in a very different artistic environment.