While Hopoo Games are the original team behind Risk of Rain, Gearbox under Embracer took over the IP back in 2022 so the series will continue on without them.

No, by all means it's dead

Next game: Hazard Of Precipitation.

So they will probably release at most one game at Valve in their entire future career at Valve. The way Valve is organized where they prioritize and award profitability means that eventually everyone will work on the most profitable project and that is the store.