According to an official statement on Ryujinx’s Discord server, developer gdkchan was contacted by Nintendo and they were offered an agreement to stop working on the emulator project, and while the agreement wasn’t confirmed yet, the organization has been entirely removed.
If we keep using the current version and it never gets any updates, will it keep running the whole Switch game library.
Mostly, probably.
I would expect the legal teams to slow down once the switch becomes obsolete. (Like the SNES, GCN, etc.) At that point some other group will take up the mantle and patch whatever is broken.
… That’s my guess.