Yes, although from this picture can't tell if that's the case here. Hopefully it's just a fast sprout that the growth tip is too hard to see at the moment.
It 'can' develop a new terminal bud, but probably not worth the time it will take, if it does. I've seen a new growth tip sprout from the chopped trunk of a harvested autoflower before. Growth tips stripped from the plant (like when you "lollipop" or any sort of pruning of branches) will evenetually grow a new one from that node. It definitely can happen.