There is nothing unfeasible about diminutive legs
Just because something is bipedal and intelligent does not mean that it has to fill the human niche exactly. Humans have very long, thick, and powerful hind legs for walking and running incredibly long distances at a time by animal kingdom standards. Humans evolved in savanna like conditions to be nomads that favored endurance for traveling between food and water sources that could be pretty far apart; so, in many ways, our legs are actually way over engineered. However, when you look at our forest favoring bipedal cousins like Chimpanzees or Gorillas, you actually see relatively diminutive hindlegs, despite having the capacity for bipedal locomotion. This does not keep them from walking, it just means they won't be walking for kilometers at a time without a bit of "knuckle dragging" to augment thier legs. If you consider such style of wolf-men more like smart Chimps and less like hairy humans, everything about their body plan checks out. The only thing I would probably change is to thicken up the pastern a bit, since the cartoon depicts this part of the leg as really skinny, even by quadrupedal standards.
What about the digitigrade feet?
Again, humans are endurance optimized creatures. That said, most bipeds are actually digitigrade (ostriches, emus, chickens, etc.). Even humans often prefer digitigrade locomotion when physically pushing ourselves; so, retaining digitigrade feet not only seems possible for wolf-men, but is actually the more probable form for a biped take.
Genetic Engineering Considerations
When you add genetic engineering to the table, your options open up really wide. Now the body plan has nothing to do with genetic fitness and natural niches and everything to do with meeting the goals of the engineer. So, if you wanted to make an artificial species to serve you as guards or factory line workers, that need lots of upper body strength, but are not expected to do a lot of marching... then this body plan checks out fine.
The only thing I really question when people proposes generically engineering bipedal canine warriors is the dietary issues. Canines need to eat a lot of meat, and meat is expensive. If you wanted to genetically engineer any type of servant/solider, it is best to start with with an optional omnivore like a rat or similar rodent, because they will be the cheapest and easiest to feed. Cost of upkeep is a big consideration when designing another species to enslave.