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Level 20 is her max at 0.0.9!

then this is the end of the game and I should wait for more updates to continue the story and unlock more characters? 

It is the end of the update for Iono, yes. :)

Is there a rough release shedule for when the next update's gonna be?

We always take between 2 and 3 months aprox, maybe a bit more. Depends on the update.