I think it's actually less flat, with more affordances (though not quite skeuomorphic).
Basically "oops we made it too flat, let's make those buttons big and colourful so people can see them again". It's a step forward after two steps back.
It's worth comparing to where it came from: https://m1.material.io/
v3 is flatter than the flat design that v1 was a reaction against because it had such bad affordances.