Pretty much. It’s gone back more or less to 3rd ed situation with a few significant changes to represent the march of time like Dragonborn.
man that all sounds disappointing, tbh. like I get it, but geez.@Larnievc's response is pretty spot on. The Sword Coast Adventurer's Guide goes into it in a little more detail. You can probably find out most of it by searching for "FR Sundering" on Google or something.
So, what happened to the Spellplague and other changes from 4e? Did Ao just "reset" the multiverse to it's previous state or what?
that's the most disappointing part of all. like why go out of your way to do a functional retcon when you can just pretend it never happened instead? here's theThe 4e changes to the setting did not go over well with FR fans, so the lead-in to 5e featured the necessary miracles and events to un-do most of it.
There are still some somewhat significant changes (4e Tymanther is still around, for example, although somewhat reduced), some leftover collateral damage, and of course a lot of dead (and new) NPCs after 100+ years of catastrophes, but it's broadly similar to the 3e Forgotten Realms. As for the multiverse, it's actually gone one step further and been reset to the 2e status quo.