Yes and no. There's a sort of playable game there. But Chris Roberts is sort of infamous for his feature creep.

So more and more gets added to the game and then parts of the base code have to be rewritten to support the new additions, and then you get a 13 year development cycle with no actual end in sight. I think that the feature creep is currently under control, but with everything that's been planned, it's still going to be a couple of years before the game releases.

I am assuming that it will eventually release... Which is a large assumption at this point.

But until then, you can play a game that feels a bit like a first person shooter, and has some ship to ship combat, and some missions, and some other stuff, but isn't as fleshed out as any of those things could be if the focus was strictly on that one thing. Basically it's too many things at once to be really good at ony one of them.