Hard to say for certain.
- squadron activity in Season 2 was generally higher per-day than in Season 1 on most leaderboards, across all levels of squadron activity
- recorded jumps in the bubble are fairly stable (and DW2 departing can be blamed for a lot of the level being lower than before - there's a noticeable drop as they leave)
- Colonia traffic levels are about what they've always been for the last several months now DW2 has stopped visiting
- Distant Worlds CG2 seems to be running at about the same tonnes/day rate as CG1 a couple of months ago
- my friends list (mostly just a few hundred people I said hi to once, so the only thing they really have in common is I met them in Open somewhere) seems to be about as busy in online/offline as normal
It doesn't look massively quieter than any other time to me.
The chances of Frontier cancelling the 2020 update over short-term fluctuations is basically zero, anyway, so no need to worry there. They'll bring out another minor update in a few months, numbers will go up a bit, numbers will go back down a bit, repeat.