Re-Logic founder Andrew 'Redigit' Spinks has recently told PC Gamer that the development team wants to bring cross-play to Terraria. Re-logic vice president Whitney ‘Cenx’ Spinks added in a Twitter reply that cross-play is not guaranteed, but the team really wants to make it happen someday.
The developers also stated that the last update, 1.4.5, is indeed the final update for the game and is considered so internally. It would also be more accurate to say the game's update lifecycle is already over, and this is just an update to "wrap things up" as Redigit words it. The update is supposed to add an epic cross-over between Terraria and Dead Cells, along with some minor content like a whip, a hallow-themed furniture set, and a type of boulder that falls upwards, among other things.
The talks about cross-play are not exactly new. The developer opened up about the prospect before, back then in 2021, and said the team wanted to implement cross-play and cross-saves between all platforms: Xbox, PlayStation, Nintendo Switch, PC, and mobile. It should be noted that there is already a cross-play function between IOS and Android platforms, and a cross-generational multiplayer function that allows PlayStation 4 and PlayStation 5 users to play together, and the same for Xbox One and Xbox Series X|S users.
In short, what players are waiting for is cross-play between the desktop version, console version, and mobile version of Terraria. Redigit did tell PC Gamer that the feature is "in the works," and said in November that "cross play planning is in full swing," so it seems the news here is that the team has taken active steps towards that goal. Relogic also said that it intends to wrap things up, so it would start a new game soon, putting further question marks on the team's priorities at the moment.
The next project for Terraria team is currently unknown, but Spinks has shared concept art for Terraria 2's world map shortly before the release of update 1.4.4, and the official account has been teasing the existence of a sequel for a while now, so the team is clearly working on something.