Correct, they will no longer be working royals or officially represent the Monarchy.
According to Harry and Meghan's updated website
https://sussexroyal.com/monarchy/ "As members of the Royal Family, The Duke and Duchess of Sussex support Her Majesty Queen Elizabeth II by continuing her efforts to draw special attention to these groups as patrons of multiple organisations." Referencing their private patronages, ie Sentebale, the Invictus Games Foundation, Smart Works, etc.
Their updated website continues to give a history of patronages. "The history of patronages is a fascinating historical insight into the British Royal Family and the role they continue to play in The United Kingdom. ... patronages cover a broad spectrum of causes, a symbol of national pride that was so needed then and has carried over to present day.
While there is a distinction between patronages and the community work the Duke and Duchess champion individually, there is sometimes overlap based on their interests. Today, Their Royal Highnesses The Duke and Duchess of Sussex have chosen their patronages to support charitable organisations that represent causes important to them and that honour the legacy of Her Majesty The Queen." A list of the organizations they will continue to support is also provided on their newly updated website. I think Harry and Meghan will continue to be very busy.