Yes, although it’s a bit surprising the FP2 gets singled out like this.
The Fairphone 2 is a 32-bit device. The internet wants to tell me Android 12 and newer are 64-bit only.
There are links in the Fairphone forum to https://lineageos.org/Changelog-27/#deprecations and to https://lineageos.org/Sunsetting-LineageOS-18.1/, which seem to have some details on why Android 11 seems to be the end of the road technically.
In my understanding continued support for the Fairphone 2 would either mean to overcome these technical limitations and get newer Android than 11 on this 32-bit device somehow (which nobody did so far), or to backport new security patches to Android 11, which LineageOS deemed unfeasible to do (see the sunsetting article link above), while one different project seems to do this.
We’ll have to see what the plan is and not get our hopes up too high, I suppose.