Yes, he is, and because of that he is the future head of the house (although his father is known as prince instead of duke; I assume he will only take up the title duke once he ends up being the head of the house). The current head has been training Ludwig in the management of the estate to take over for some time.
Current head: The Duke of Bavaria (Franz, born 14 July 1933)
Heir presumptive: his brother Max, Duke in Bavaria (born 21 January 1937)
Heir presumptive to the heir presumptive: their first (by his mother) and second (by his father) cousin Prince Luitpold of Bavaria (born 14 April 1951)
Heir apparent to the above: Luitpold's son Prince Ludwig of Bavaria (born 14 June 1982)
They like the 14th of the month as day of birth
Wedding guests prince Louis of Luxembourg and archduchess Gabriella of Austria are 3rd cousins of the groom.
Prince Ludwig of Bavaria (1982) - Prince Luitpold of Bavaria (1951) - Princess Irmingard of Bavaria (1923 - 2010) - Princess Antonia of Luxembourg (1899 - 1954) - Grand Duke Wilhelm IV of Luxembourg (1852 - 1912)
Prince Louis of Luxembourg (1986) - Grand Duke Henri of Luxembourg (1955) - Grand Duke Jean of Luxembourg (1921 - 2019) - Grand Duchess Charlotte (1896 - 1985) - Grand Duke Wilhelm IV of Luxembourg (1852 - 1912)
Archduchess Gabriella of Austria (1994) - Princess Marie-Astrid of Luxembourg (1954) - Grand Duke Jean of Luxembourg (1921 - 2019) - Grand Duchess Charlotte (1896 - 1985) - Grand Duke Wilhelm IV of Luxembourg (1852 - 1912)
Is it known who the flower girls were? I assume one of the older girls is the groom's niece Princess Olivia of Auersperg (born 13 April 2013).
I assume his nephews (except the youngest (born in 2021)) were among the page boys:
Prince Louis-Ferdinand of Lippe-Weissenfeld (born 16 September 2013)
Prince Carl-Philipp of Lippe-Weissenfeld (born 22 December 2015)
Prince Otto Heinrich of Lippe-Weissenfeld (born 24 March 2018)
Prince Ludwig of Auersperg (born 8 April 2015)
The bridal couple's interaction with their flower girls is lovely,
see for example this picture.
According to this tweet (by ChristinZ included in a post by royalwatcherblog) the princess in the middle with the long dress is Ludwig's eldest sister princess Auguste - as it is indicated that she did the reading. Assuming they sibling were seated based on age, the one in yellow was princess Alice, so the one in blue to the right must have been princess Henriette (and it would make more sense for her to be pregnant again as they have one child born in 2021, while his sisters had their children in 2013, 2015 (both) and 2018 (in the case of Auguste).
Tonight, the bride wore the Bavarian Saphire Floral Tiara and a Bayern blue dress (she wants to be able to reuse the dress and therefore will not wear white); the groom is like all the other men wearing white tie - with his orders: Saint George and Saint Hubertus.
As I somehow cannot edit my post:
The left and middle princesses do look like sisters; and the one of the left does not resemble them at all. So, my conclusion would be:
Yellow dress: Ludwig's elder sister Princess Alice of Auersperg
Multi-color long-dress: Ludwig's eldest sister Princess Auguste of Lippe-Weisenfeld
Blue dress: Ludwig's sister-in-law Princess Henriette of Bavaria (wife of his younger brother prince Heinrich)