Sadly it looks to be. Their last Patreon post from just over a year ago says:
Sorry dudes, real life has been real meh lately. I haven't been home much, let alone worked on Master Rune. I know, I know, worst dev. That's pretty much all I've got at the moment. If and when I have something to show, you all will be the first to hear about it.
I hadn't checked the Patreon in awhile and only just realized some people are still subbed to me despite the fact I haven't put anything out in forever. I do appreciate it, but please understand this project is very low on the list of my priorities right now, so I'd honestly urge you to spend that money elsewhere. I don't know how to just stop billing people or I would. That's pretty much it. Again, sorry for sucking.
Shame too, this is one that easily became one of my favorites. I'm still going to eagerly await the next update but I won't hold my breath for one