^
from that angle, yes, I believe. But I really do not know, I am not an expert on such matters.
The way I see it is this. With the action broke down.
Phase 1. This is a 50-50 duel imo, with no clear answer on who has gained access on the ball. Each player is trying to use his body, but even at this stage it can be given as foul because the elbow of the Madrid player is planted in the face of the defender. But let's say this is a manly duel on the ball and you let play go on.
Phase 2. Somehow, even though he uses his elbow, Mayoral lost access on the ball, and now the Betis player has a good portion of his body in front of Mayoral. This is simple to see because the hand that was blocking the Betis player is now behind the Betis player. So, the defender's position has improved compared with the 50-50 duel from above. Mayoral at this point can't get to the ball without fouling the Betis player, who, I have to admit, is not perfectly in line on the ball either (which makes the situation tough to call), but is the one closer to the ball at this point. If he had a better position, the foul would've been stonewall. It is still a foul though.
It can't be argued this is a shoulder to shoulder. This is a push from behind. In the circle, Mayoral uses his hand to further push the Betis player, who doesn't need much at this point to lose his balance, since he is going diagonally to cut Mayoral's path - which he succeeded for a moment, until he is fouled.
Phase 3. Not only does Mayoral push the defender and causes him to fall and lose balance, but he tries to hit through him. He basically try to shoot through the Betis player.
This is my view of this action. You either give a foul, or you give no foul, but no hand ball either. Simply because it is the contact with the Madrid player that causes the player to hit the ball with upper arm.
You can't give a penalty for a handball that happens after a contact with an opponent. It's crazy. If Mayoral doesn't go into him, Betis player has no reason to go down, so he doesn't touch the ball with his hand.