Not quite, from my understanding
Honda F1 (HF1) announced they were pulling out so Red Bull F1 (RBF1) were given the ESS (battery) side of the the PU, from design all the way through to build moving everyone and everything a few miles down the road to the newly setup Red Bull Powertrains (RBPT) facility.
HF1 have kept the PU (engine) in house at Sakura in Japan ie manufacture, testing, build and servicing but the difference to before HF1 is supporting RBPT with maintaining/servicing the Honda PU while still developing the PU until the end of 2025
HF1 have stepped away from having Honda branding on both the Red Bull and Alpha Tauri cars but both teams will still be powered by the current generation of HF1 PU and ESS until the end of 2025.
All teams have had the PU and ESS spec. frozen until the end of 2025 where the next generation of F1 PU is introduced in 2026
Basically the arrangement until the end of 2025 is a big thank you or arigato from Honda for giving the company their (and my) long awaited Honda F1 championship
RBF1 with RBPT are more than capable of going it alone in 2026, their newly finished PU/ESS facility is easily the best/most up to date in F1 at the moment and RBPT have poached many senior Mercedes HPE personnel along with the transferred ex-HF1 personnel which gives RBPT the knowledge too. They are also well into the development of the 2026 engine are in a good place to hit the grid running in 2026
From the comments in the press Porsche have agreed to buy 50% of RBF1 which includes RBPT with an agreed 10yr partnership
https://www.motorsport.com/f1/news/porsche-red-bull-buy-in-details/10344242/
Exciting times for Porsche fans as RBF1 and Porsche have everything needed to win and be the dominate team in F1. Money doesn't buy F1 championships but RBF1 and Porsche both know how to win so it will be interesting to watch.
From a selfish point of view if I'm given a sniff of an inside seat I'm grabbing it with both hands
