I suppose that depends on your definition. However, the game appears to be doing well enough, and most folks playing it seem to enjoy it.
It continues to score well across Steam, Metacritic, Opencritic, etc., among both professional reviewers and rank-and-file gamers alike. Numbers-wise, it had something like 4000-6000 players on Steam this past week. Granted, that's a big drop-off from its peak of 42,000+ shortly after release, but that's still well ahead of every 4x game other than the "Big Three" (Civ 6, Stellaris, Civ 5). And I imagine AoW4 will see a renewed surge in interest when Dragon Dawn and the Wyvern update drop in a couple weeks.