Maybe, maybe not. The referendum isn't legally binding, and until the government request to leave the EU, things don't change. On top of that, I'm seeing news stories that indicate Scotland and potentially Northern Ireland could refuse to ratify any leave decision. I don't know if that would block things entirely, or just add a lot more paperwork to the process.
It seems a number of the other EU counties are indicating a 'good riddance, now get out' attitude towards the UK, so they may have maneuvered themselves into pretty much a no win situation at this point. There's a part of me wonders if the whole Leave side was just a political gamble to get other demands met, and now they actually got it, they find themselves riding the tiger.
Either way its a mess, and it's getting messier by the day. Backtracked promised, the possibility of the UK coming apart at the seams, and the economic shockwaves likely to continue for some time.