"I am not sure what this update means."
Fundamentally important things like the environments to compile Trisquel 8
now exist. It's now possible to build a very rough system, although it can't
boot because important packages like GRUB do not exist yet. Also, more work
is still needed to clean up and modify the Ubuntu packages.
"How long do you think is left before the next release then?"
That depends on how much work turns out to be necessary. The great part is
that anyone can join in and help through the project's GitLab instance -
https://devel.trisquel.info/trisquel/package-helpers
Remember those naysayers talking about how it was hard to help and whatnot?
This is fundamentally not true: Anyone can create an account on the project's
GitLab instance and start sending pull requests.