No it isn’t. Those are two separate components, just like on iPhone.
The IR flood illuminator sits right between the FaceTime- and IR-camera and is probably part of the front assembly, while the IR dot projector is way off to the right of the FaceTime camera as seen above.
That’s probably rather to be credited to John Ternus and the Mac hardware engineering team, although they for sure work closely with Ive’s industrial design team.
All you complainers seem not to have heard that there’s a new Mac Pro coming out some time in the future, explicitly announced by Apple to be modular and upgradeable?
This is no different than with a single-board SSD, not more points of failure than that. This isn’t hard drives where each HDD adds a spinning disk and doubles the risk of failure.