I await the details of the CAHSR project cancellation. There is a lot of untangling to be done in terms of the side projects associated with the project as a whole, such as the San Francisco TransBay Terminal, electrification of CalTrain, LAUPT through platform reconfiguration and eventual station replacement and others still.
Yes, the central valley portion under construction will be "finished" though the degree of that completion is in question. The alignment will be used, but will the stations be built (they've not started on those yet). And I am dubious that any catenary will be raised at this point.