A few small patches this month are pretty indicative that they are sticking with it. It may not seem like much but vaporware devs would never even bother.

I totally understand your frustration but here's something for context: Skyrim has a massive development team, like top tier, and it took them 7 years. Iron Gate is an indie dev that just expanded a few months ago and expansion for a small group is chaotic. Valheim started about 2 years ago.

My advice is finding another title for now and keep up to date on Valheim every month or so.