It's coming back with a monthly subscription.
It's dead already, then. WinAmp's heritage was providing a free audio player. I was looking forward to a refreshed build to test out, but I won't pay for it.
There are a dozen better, free, maintained, and actively developed players out there. This is less than too little, and far too late. Those of us who used winamp back when it was still activly developed will continue to have nostalgia for it, but I bet it will be DOA to most of the target audience.
I've only kept up on news for it because I was hoping it would be reborn true to itself. I have zero interest in it as a subscription model.

Source https://www.engadget.com/2259236/winamp-coming-back-2027-deezer-partnership-streaming-music/
It sounds like the local playback is the "optional" feature. That's still gonna be a no, at least for me. Fpr Hifi, I'll stick with FooBar2k, or something that is a proper hi-res FLAC player first and has bolt-ons/plugins second. The same article also links to another, they actually already released a new build of classic winamp a few years ago.
https://www.engadget.com/winamp-mp3-player-software-returns-191027227.html