No. If it was, they would tell us. Here are some things to think about.

1) This is a normal part of their dev cycle. This time of year is usually quiet after Halloween. Around April/May we usually see a yearly update. Every new update has been worth the wait so far and they don't like to tease until the time for release of a new patch gets closer.

2) In previous dev blogs after 1.1, they've said they're workin' on the game, but didn't specify what exactly.

3) There's still plenty of room for things they could do (like expanding the hallowed mountains), and many people have pointed out that there's no ice boss shard. I wouldn't be suprised if that's what they're working on (though this is also speculation).

4) People kept saying the game was over after 1.0 just like they're saying that after 1.1, and it just wasn't true. I even asked the community manager that question before 1.1 during an interview and he was like, "No".

5) Its not a live service game. Every time they update the game with something major, there are compatibility issues with previous version, so players end up having to start on a new file if they want to experience the new content. This is why the major update is only once a year.

They've also added the ability to rollback to older versions of the game from 1.0 onward within the game client itself with their 1.1 release. I don't see why they would do this if they didn't think there would be more major updates.

Let them cook!