I voted "No", but for clarity that's because I don't find the trap remotely plausible on a number of levels.
It's one of those deeply meta traps that only exists in the mind of a DM, and couldn't like, sit around for years/decades/centuries. The rope would either rot from age (regardless of anti-Cube chemicals) or be obviously weird, and is positioned in such a way that you couldn't even reach it from the edge of the pit! Dust and so on would build up on the upper surface of the unmoving Cube (which apparently can't climb out? You'd think it could), so it would look weird-as-hell. The block falling on the Cube would not reliably spray it everywhere in the way described, that's a particularly dubious and physics-ignorant idea - it only has what, 10 feet to fall? Even free-falling, in 1g, it's going to get up to less than 10mph. Probably about 6-8mph. So it would be like the cube was hit by a block of stone moving at a jog or very slow run. I'm sure that would penetrate into the cube, and make it bulge outwards, but splatter it wildly? Absolutely not. It's not a swimming pool, for god's sake, which seems to be what he's thinking. It's called a Gelatinous Cube for a reason. At worst people standing immediately next to the pit (most of any splatter would likely hit the ceiling, given the constriction around the pit) might get some on them, but what are they, naked? It's probably going to hit clothes/armour. So you'd want the splatter to roll to hit and the save to be far easier than a normal "oops I walked into it" GC save.
As for Yellow Mold being "subject to a violent fall", that also fails - the block only falls 10' (I am assuming "normal dungeon conditions' - 20' isn't much faster though - it takes 16ft to get up to 10mph even, higher than that is getting into suspicious/ludicrous ceiling heights) and it doesn't hit stone or something, it hit jelly, so will slowly halt. This is not a fall that would injure someone were the jelly in questioning not paralytic and acidic. The wording on what activates a Yellow Mold varies, but this is edge-case as best for activating one.
Further hampering the Yellow Mold is the fire factor. The likely reason the block falls is that the rope and GC are on fire. Possibly from burning oil or magic. Either way the Yellow Mold is on top of a block that is interpentrating a burning Gelantious Cube with a burning rope flopping around, likely going pretty deep into it. So it is extremely likely the Yellow Mold itself catches fire. Which as per 2E at least kills it instantly, no questions asked.
On top of that, if the PCs happen to have Continual Light going, arguably that prevents the Yellow Mold doing anything (it's unclear from 2E if it has to be cast directly on it, but it sure doesn't say that, dunno if 1E is clearer).
So in short:
1) The trap is obviously a trap.
2) The GC should be able to escape and would likely be dusty if it couldn't, and/or full of the skeletons of rats and so on, so easy to see.
3) This relies entirely on the PCs going in absolutely face-first without the slightest hesitation to something that is obviously a trap.
4) The physics of the block-drop just do not work. The block will be moving slowly, and displace rather than splatter the GC, and even if it does splatter it, physics dictates that due to the fact that the GC is in a pit, the splatter will mostly go straight or nearly straight up. It certainly won't hit the entire room, and further, any amount that does go out sideways is likely to be small and may well not hit flesh.
5) The Yellow Mold will not necessarily activate drop a drop as gentle as that, given the deceleration provided by the GC.
6) The most likely scenario to drop the block (fire) also insta-kills Yellow Mold.
That's on top of all the issues with it not being possible to reset, not serving a legit purpose (so couldn't exist unless it was in the dungeon of a wizard who was basically running a deadly version of The Crystal Maze or something), not being able to survive the passage of years and so on.
If so that means his understanding of physics is even worse than I thought. That would more or less ensure zero horizontal splatter.