Wrestling Inc reported that he is no longer under contract but WWE insists that he is "still a WWE talent and under a deal." It was also noted that he is rarely seen at the WWE offices anymore.
It's unclear what this means for his future in the pro wrestling business but this has happened before. McMahon stepped away in 2009 and had no involvement in WWE until he returned in 2016. During his return, he was only contracted as a talent and not part of management. When he left in 2009 it was reportedly because of a falling out with his father Vince McMahon.
The Godfather recently stated that Shane owns a Cannabis co-op in California so he has his hand in other businesses away from WWE.