No, the idea is to build a 'bubble' of new code that isn't subject to all the backwards-compatible flaws of the old syntax. It's just an experiment for now.
If I understand the cpp2 pitch correctly, you should be able to embed cpp2 functions inside preexisting C++ source files, so it's more like the old cppfront compiler (C++ supports basically C syntax in C++ files) than a fully transpiled syntax.