Yup. He was symbolically retiring the suit MJF look in the preceding video as well. He also hinted that some silly aspects of the character (kangaroo kick, etc.) may be retired a well.
With current events playing out in the world, MJF will have plenty to draw on to process some dark emotions. Should be great. He’s an excellent performer.
One of the better covers I have seen or heard. Kudos to those kids and teens!