Yes. But that will change through development.
For reference, the main coding action that we have seen is a lot of code cleaning and compiling and stuff that i really don't understand. I sum it up by saying that they're getting rid of unnecesary bloated legacy code. To my understanding, PC1 had a lot of legacy code that was doing no good to the game. It seems that, back then, they didn't have the time nor the resources to clean the code, rewrite what was needed, and, somehow, start afresh. That's what they are doing now with PC2. But once they're done doing that, they will start overhaouling things, tweaking things, improving things, implementing new things...
This is something I've learned by watching PC1 grow: We tend to simplify matters by saying stuff like: they are the same engine, they are this or they are that. And maybe they're just sharing the renderer, or how the renderer deals with camera movement. Or maybe the tech is mostly the same, but it's been tweaked or expanded or used in a way that's way more clever than it was before.
Doing videogames in todays world is no small feat. They're really complex. I already knew before joining WMD for the first game, but it's far more complex than I ever thought it was.