Yes, it is essentially still two-dimensional, the perspective is fixed, there is no vanishing point.
More modern games that use that projection are very rare, but some allow rotation (to see behind walls, instead of just making the wall momentarily transparent.)
It is the best perspective for RPGs and squad-based tacticals, IMO.
I understand that you are limited by the tech specs of your platform, and probably prefer the oldskool top-down anyway.
Good luck with your project. It looks to be of high calibre / quality!