No, a brand new real-time sinking using a high detailed exterior game model with low-poly interiors visible through the portholes. It will be further updated than the 2017 inhouse redo.
the moment my question was asked, was told not to expect it this coming April, but things could easily change we'll see. There are glimpses of the new animation's iceberg impact, propellers in motion etc floating around in new documentaries.
But yes further changes were briefly discussed with Matt on the Discord server, when the time comes the updated Titanic will be a very intricate and detailed portrayal of the sinking.
Until then and back on topic we can look forward to Levi (it's) conversion of the Britannic animation which will be out on steam soon. After that we can look forward to Lusitania and according to the website, Empress of Ireland and Republic are planned for real-time animation. Reminder that all non-Titanic animations and experiences do not take away from the production of the main THG game since Levi is animating the real times & developing side experiences and a guy named Lucas Gustaffson is modeling the Lusitania, Empress and other ships as discussed in their October update.