I think, yes- but in a very different way. Yu has been very open about Shenmue 3 being a launch pad for the final instalments of the series, and how he intends to get a publisher on-board instead of returning to Kickstarter. Stirring up the same frothing clamour we had after II would help do that. Where II's ending was an attempt to at least indicate where the series may have gone in the future, we now know the development team were aware it may have been the last Shenmue game ever and wrapped up the story a little neater than they would otherwise.
3's ending could be an even bigger cliffhanger as an attempt to ensure the series' survival through continued high demand. The worst thing that could happen to Shenmue after 3 would be nobody wanting to know where the series went next. That's why I think Shenmue 3 will effectively be the 'Empire Strikes Back' of Shenmue, with earth-shattering revelations and wide-reaching consequences for the characters.
Of course nobody knows what happens at the end of the game, but if I had to guess...
But how does everybody else feel about the idea of another cliffhanger?