The game featured on the model is the Midway Arcade game Defender.
When on an Arcade Dock, the appearance changes to match the corresponding game's artwork.
It allows access to a large variety of fully-playable classic arcade titles, but with the only known restriction applied to most multiplayer games such as Rampage, as the original games are supported up to three players, but only two players can take part in LEGO Dimensions.
When upgrading the Arcade Machine in-game, the first two skins make the Arcade Machine look like Robotron: 2084 and Gauntlet respectively..
The Arcade Machine in the 'New High Score' achievement image.