The recent chapter's panel with Apollo and Arisu reminded me a lot of the Secret Track panels. The way the clouds are drawn, the camera angle etc. are very similar.

But far more important than Visual parallels are the narrative ones. I want to draw attention to Apollo considering her dream success a precondition for properly facing Arisu. She has stated this multiple times so it's important.

Additionally, I feel that the sea visual is important. Since ch1, we know Apollo wanted a school near the sea. It likely has some important meaning for her. Therefore, characters/scenes strongly associated with the sea are important. 

In Ch29, Rikka says that she'll confess her feelings when she achieves career success near a moonlit sea. It fulfills both criteria.

Other than Rikka, only Shinobu has been shown to do that. But she has zero associations with the sea.

Iko already confessed and she hasn't ever talked about her career progress being a barrier for approaching Arisu. Nene  only considered the group dynamics as a barrier to pursuing Arisu. She basically never thinks about her career progress being a factor for Arisu. Nene has underwater panels and Iko has moon and sea present in her confession. But none share the hangups Apollo has about her dream conflicting with Arisu. Therefore, I don't think this panel aligns well with them.

But Rikka has all of this in the same chapter with all this moonlit sea imagery. Combining all of this, I'd say the ch118 panel is most likely a reference to ch29, Secret Track.

Lastly, this is just a visual parallel and can't be used as conclusive proof for anything. 
But Igarashi has made long ass callbacks like Lagrange point before. Why not this too?

Guess who talked about confessing after achieving her dream near a moonlit sea?