No, this game engine still does not allow for hyperbuilding and hyperforming without eventually running into severe performance issues.

Matter of fact, most game engines do that in open-world, including Minecraft.

The thing of it is, every change that gets made to an open-world server doesn't just populate on your PC. It also populates for other players and the server itself, which then has to work to reconcile changes made with the rest of the game environment.

In most cases, this happens fairly innocuously, but in extreme cases of massive builds and much terraforming, yeah, there's gonna be problems eventually (mostly dependent on how well the server can handle it, plus I think this game has P2P connections too? Not 100% on the last but I seem to recall that being a thing), just like there are in, say, Unreal Engine if you throw down too many foundations in Conan Exiles or Ark: Survival Evolved.

Unbridled creativity with few-if-any lasting consequences is still future tech. Next playthrough, try less terraforming. That can get esp. intensive.