H end is the actual true end. You can't loop after it, signifying Grimm's escape from the looping. It also lines up with Mabel's prophecy about the garden wars. Red hood's death, which should be heavy enough to make "the load of black souls ... too much to bear", along with the power gained from absorbing Gran Guignol (originally Mary Sue's power) should lead to Grimm becoming able to create and participate in the garden wars.
I imagine the timeline is like: pre bs 2 stuff > loop 65 (loop where we as the player start at) > various endings besides G end which all get reset by looping > G end > returned to the library and go to dlc 3 > H end. Looping isn't perfect, some stuff persists like Grimm's children and Red hood missing her arm.
Regardless of all this, in an
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Toro already confirmed he was thinking about making BS 3 (alongside 2 side games related to black souls) while working on dlc 3. Rereading the interview it seems like work on those 2 games (maybe just one but has 2 ideas for what it could be? not 100% sure) will begin once he is finished working on his touhou game. And after those BS 3 probably.
If you are curious, one of the ideas for those 2 games in involving Red Hood. Since the games are intended to lead in to BS 3, I feel like this is unlikely unless she comes back somehow or it takes place some other time besides post H end. For example, what was she doing between BS 1's D end (where she is notably absent after the fight with Baphomet) and Loop 65? In G end she said she had already learned about Grimm's tragic heroine thing as well as her own limited lifespan. The other idea is involving the Demon Princesses from BS 1. Considering Mary Sue's escape, this seems like it would work. They are originally her creation. If they are still somehow alive maybe she will turn to them for help or somehow use them to restore her power.