Technically, by definition, no it will no longer be full screen. The notch on the iPhone was the most ridiculous design decision Apple ever made and brining it to mac is quite frustrating. Full screen = FULL SCREEN. Any circle or rectangle that obstructs the display from showing content takes away from that experience. Instead of working around the problem just don't CAUSE the problem in the first place. We could get a little more height in our content if they did not include the notch, or just make the bezels thicker.
except not really? By eliminating the bezel and adding the notch, you can have the status bar icons on either side of the notch instead of having a useless bezel (making your device unnecessary big) and the status bar eating into your screen.
If I watch a video on YouTube, there are black bars on either side of the screen, the video does not go all the way up to the notch unless I zoom into a video