Not quite - but it definitively would kill all chances of high speed rail between New York and Atlanta stopping in downtown Raleigh along the way.
It could conceivably still happen, but it would be much later and would probably just stop at RDU or perhaps downtown Durham instead.
I am really hoping that the Infrastructure Bill will at least allocate some money for corridor acquisition on this route. In addition to this row of properties downtown, there are other places where curve realignments are planned, including a few crucial ones in the rapidly suburbanizing stretch between Raleigh and Franklinton. These realignments make the difference betwen this being an actual high speed route, or just another Amtrak train.