No, it isn't over.
SE just released FFXVI, Foamstars, FFVII Rebirth and will continue releasing PS (some timed) exclusive games like the 3rd part of the FFVII remake.
Like all the companies they are moving to a more MP approach, which also means that they now will give to Sony games that previously could have signed as Nintendo or MS exclusives, even older ones like Octopath Traveller once their temporal exclusive ended. As may happen with previous PS exclusives, some may be temporal and may be ported somewhere else in the future.
But this doesn't mean they'll stop making exclusives. And even less for the market leader, Sony.
It's clear that they still will prioritize PS5 for their larger tentpole titles. Xbox will pay large checks for the scraps years after everyone has already played them like FF16. Not a big deal IMHO.
Square Enix is turning its back on console exclusives
The publisher of Final Fantasy, Dragon Quest, and more said it would “aggressively” release its biggest games across Nintendo, Xbox, PlayStation, and PC.
www.polygon.com
They might, this is possibly just PR speak and businesses change their minds all the time but they have very clearly stated that they want their games multiplat