It doesn't feel like the next update will be the last. There are two reasons for this:
1. It's kinda hard to wrap up the chapter in one update. Considering that there will be a fairly big delay between v1.0 and the "sequel", he will need to end it in a satisfying manner. Even if he doesn't do many fight scenes, he still needs to gives us a good look at what is happening. Between MC's adventures in the monster world and the black moon back in earth it seems like he has a lot of stuff to go through in order to set the stage in an appropriate manner.
2. Naming the last update 0.985 feels deliberate. It's a small increment for such a big update, especially since it was the end of an arc. Of course WW's versioning scheme is all over the place and it may mean nothing, but I'm sceptical.
However, unless he had been working on the v1.0 reworks in parallel all this time, it feels like there's just not enough time for him to finish everything he has mentioned on stream. Updated art, new sex scenes, new exposition scenes, reworking the stat progression and the effects of corruption, releasing the steam version.
All in all I don't really see how he could do all these in a satisfying manner till the end of this year. I wish him luck and hope he will make it, but it's going to be hard.