No, Skull and Bones was not cancelled. As of October 26, 2023, the game is still scheduled for release sometime in the early part of Ubisoft’s 2023-2024 fiscal year, which runs from April 2023 to March 2024.
There was some confusion in early 2023 when Ubisoft:
However, these announcements indicated a delay, not a cancellation, and Ubisoft reaffirmed their commitment to releasing Skull and Bones in their updated fiscal year timeline.
Here are some reliable sources confirming that Skull and Bones is still in development and scheduled for release:
Therefore, you can be assured that while the release date has been postponed, Skull and Bones is still actively being developed and on track for release in the near future.