Yes. BC Rail still own the ROW and lease to CN.
CN did suspend operations to Williams Lake before but that was during COVID.
The question is how much anyone else can do north of Squamish (e.g. commuter or excursion service) if CN still control the section down to North Vancouver, and aren’t browbeaten into concessions re dispatching as a condition of the discontinuance, and who would be the passenger operator (WCE would be the first to mind but BC Rail would presumably need to take over line inspections / maintenance (or contract CN to keep doing it)
EDIT: just an additional note to point out, as someone else has on groups.io, that this being in the 3 year plan does not commit to immediately acting on it once the statutory wait period passes