So no, Cy the Cardinal is not an actual Cyclone and Iowa State is the Cyclones, but a giant tornado mascot probably would have been hard to make and it would have been weird.
However, being named Cy is fun and ties the Cyclones into the name. Cy is great with a crowd and knows how to get a crowd into any game, whether the Cyclones are winning or losing. He was also named National Mascot of the Year in 2008.