Depends if you mean D&D the specific game (owned by Hasbro) or D&D the broader concept.
In the former, the purported new licence won't really affect homebrew content but will affect the ecosystem of for-profit companies (Kobold Press, Chaosium, Legendary Games) that currently piggyback off their structure (keyword sets, monster concepts etc). So you might see a lot less new content come out, but the quite large backlog of existing games and scenarios can still be played on the older edition system.
In the latter, yes that's basically what's happening.
Paizo (which runs the biggest non-D&D TTRPGs like Pathfinder and Starfinder - yep
RedRedRose that's definitely still going) has basically decided to champion the idea of a new irrevocable open license set up by a collaboration of all the largest firms in the industry. Hasbro still has a big lead in terms of stockists (D&D gets a shelf, Pathfinder/Starfinder maybe a half of one, everyone else crammed in on the end) and brand recognition but there's been a
massive shift over the last week with people switching over to Paizo's stuff, it could easily snowball into success.