Yes, it does not mean canceling the account.

Reporting the loss of a credit card without replacing it does not mean closing the account. Reporting the loss without replacing the card will only freeze the credit card and stop using it, but the account will still exist. If you choose to report the loss without replacing the card when reporting the loss of your credit card, the credit card will be considered canceled and cannot be used again. To cancel a credit card account, the cardholder must apply and pay off all outstanding balances before applying. The bank will officially cancel the credit card after a 45-day grace period. Cancellation of card and cancellation of account are different concepts. Card cancellation refers to the cancellation of a single credit card, while account cancellation refers to the cancellation of all credit cards under the name of the card issuing bank.