That depends on what you were hoping for. Someone expected 70 medals but that was never within reach.
I would have said around 50 total - which is a considerable drop from Rio already - but now I'm at around 30-35. Many "flagship" sports are falling apart like rowing and athletics and I don't expect track cycling to save the medal count either. Gymnastics is also not great. Taekwondo looked very good a while ago but it is clear that many athletes train for this moment at the Olympics. So you can't go by world championship golds from two years ago either.
Don't know about sailing and I don't care about equestrian.
Also, for one of the "big guns", GB ignores many sports way too much. Handball, basketball, volleyball, water polo almost non-existent. Even a sport that has 18 medal events (wrestling), totally ignored, same can be said about fencing, badminton and sprint canoeing. Not even many tennis players to be seen. When some sports don't produce the desired results, it's good to have a backup. With cuts in funding because the results are not as good as you were targetting you'll just kill more sports.
So yes, right now it does not look good.
Ultimately, not every country can always have good results. There will always be a disappointment somewhere.