Sadly, yes, Destiny 2 Monument of Triumph will be the last content update. This means that Destiny 2 has ended live-service support, so don't expect changes to the meta. There will be no more additional weapons/gear, expansions, or seasonal events. Destiny 2 will essentially be frozen in a legacy state like the original Destiny.
Here's When Destiny 2's Final Content Update DropsMonument of Triumph conclusion mission Legendary Marks New Reward Pass Pantheon 2.0 Sparrow Racing League Vanguard Ops Crucible Ops Armor 3.0 for Raids, Dungeons, and Destinations
Here's When Destiny 2's Final Content Update DropsNo, Destiny 2 is not shutting down with Monument of Triumph. The update is the last content update, but there will still be occasional bug fixes and maintenance required to keep the game running. You will still be able to play Destiny 2 for years to come.
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