It’s very likely still on... I am in the community discord and several entrants are not finished working on their games yet me included. There will not be a ton of entries. I’m estimating about 20 max. More entries will trickle in closer to the deadline. I promise you that.
But judging by the number of registrants, and contest results similar to this that have been done in the past, I know there won’t be 150 entries. Truth be told, most of the time only around 5-10 percent actually finish and submit to these kind of things. That goes for any popular game jam. Maybe I’ll be wrong :)