Sadly I would assume so. They've not said anything for 7 months now, and they said it would only be a few weeks back then. I don't mean this to be a bitch, but when multiple people bought it on the promise of said updates, I feel like Itch should at least partially refund them.
Viewing post in Tiny Tales: Character Generator EX - Early Access Megathread
Well, I certainly wouldn't complain if I got a partial refund, but I doubt that'll happen. Itch doesn't generally do refunds in the first place, though it's happened to me at least once (that was for something much more egregious than this). Plus, buying early access is always a risk (... even if I didn't necessarily know when buying it that it'd be THIS "early access", lol).