Unfortunately, it sure looks that way. The universal DH was probably inevitable anyway, but the "play every single team from the opposite league every single year" scheduling is a good way for them to try to make the AL and NL as entities appear irrelevant.
But IMO, it'll be a very sad day for baseball if/when Manfred succeeds in this plan just so that the league, which has $12B in revenue, can save some travel money. Oh, they might keep the AL and NL names and make them geographical based, but any world where, for example, the White Sox are an NL team and the Dodgers are an AL team would render the names meaningless. You may as well call them Western and Eastern Conferences at that point.