Yes, the seller of the puts is betting that the market will be up (or at least not as down more than ~22%). The buyer of the puts is betting the market will be down 22% or more by Dec 2020. If the market really is that crappy for the next two years, the Democrats will have a good shot at the White House.
If the market is down that much the Democrats will have a good chance of winning every state in the union.