In terms of development cycle, yes.
There is nothing really they can change around at "crunch-time".
That specific period is for changing things around and adding last-minute things. However, any decisions to cut things, or change something dramatically is not feasible.
The circumstances aren't ideal for changes.
Take Two is the publisher, but it doesn't hold 100% authority over the project. There is nothing the the new perseonnel can do.
And don't forget - talks of changing things usually take a while, then they must work their way down the grapeline.
After that, Rockstar North may refuse it on the reasonable grounds. By time things go back and forth, GTA V will be here.