Should I take this to mean Suyu hasn’t been and isn’t going to actually have updates and continued development?

Yeah, see it like that. If it ever will actually get updated, you will hear about it due to all the drama they will be causing. But ever since Yuzu went down and they took the source code, nothing major has been done and only drama been caused.

Basically making it the same as the version of Yuzu I still have installed on my PC (which was the last official update before the takedown)?

Yeah, exactly.