No.
OK, it's been in development for quite a few years and new content doesn't appear every month (which, I think, might be part of the problem) so I can understand that after a while it might become too familiar. But the game is out and working. New content is being added and I bet they get it out as quickly, as they can. One thing that could help here, in my opinion, are more frequent updates. Like one update every month. I'm not talking here about big updates, like the Engineers, but much smaller ones. Whenever possible, I think Frontier should look at those big updates and see if they can release certain smaller things they are planning to include there a bit sooner. For example, whilst we wait for Engineers, we could get galaxy map markers. Or whatever they are planning to put in there. This would show constant progress of the game development.
There is also one thing they are not making use of and that's a big shame. I'm talking about interaction between players, starting with trading between players and ability to create associations. I know that Frontier has their own ambitious plans for these, but I believe they should get the basic functionality of this kind in game ASAP (and at least when it comes to trading / cargo transfer, the mechanics is already in game) and then build it up to what they want it to be when they have more time for that. The thing is that there is no better game content than players working together to achieve some goals, so by not giving us tools for that Frontier is wasting a good opportunity.
At its core, Elite is fairly similar to every space sim out there and has similar elements. Some of them are implemented better than the others and that's OK. But there is also one huge advantage Elite has over other games out there and that is its size. To me, a possibility of jumping into my Asp and just setting off to a journey to the edge of the Galaxy is absolutely mind blowing. But, the size is also responsible for Elite feeling empty. So in this aspect Frontier should make sure that at least the bubble doesn't feel this empty, is easier to travel through and explore and also has certain hubs where players' activity can concentrate.
There is one thing that worries me about the Engineers and that's CQC ranks being taken under consideration. Personally I never had a slightest interest in CQC and I don't really want to participate in that. If that means I won't have access to certain ship modules, this may be game breaking for many people who are not interested in CQC... But we have to wait and see how this is implemented.
So yes, the game has its quirks, there are areas where it can be improved, but in general, it's quite playable and quite fun, especially when you cycle through various activities. I think this year will decide about longevity of this project and I keep my fingers crossed for Frontier to keep going for many years to come.