No.
The passenger projections were based on exactly the kind of growth we are seeing. And even in the 2030s were less than 6,000 per hour per direction (if I remember correctly at Cedarvale - but similar at Eglinton-Yonge). That can be accomplished with 12 trains an hour - once every 5 minutes (300 seconds). Even with the current rolling stock, Metrolinx wants to run them every 190 seconds. That alone gives a capacity of 9,300 per hour per direction.
And the initial trains are only going to be 2-cars - and it's built for 3-cars. So worst-come-to-worst (best-come-to-best!) they buy more cars, and that increases capacity by another 50% - to give almost 14,000 per hour per direction. Far more than the estimated demand.
And then that's still based on 3'10" frequencies. What's the minimum frequency they can achieve with the current layout and signalling. 2'30" (anyone? I'm not sure)? That's 17,640 an hour.
There zero issue of overcrowding, if they choose to run service frequently enough.
We've discussed this several times previously, earlier in this thread.