Seems that way, unfortunately, but I don't think they would make it at Chelsea anyway so probably for the best. Yeah I'm pretty sure Arnesen helped get most of the current youngsters.
I doubt this is the end of it either.
I can see all of these leaving:
Bertrand
Cork
Gordon
Mellis
Taylor
and probably even more than that. (not including likely loans e.g. Bruma)
bertrand would be a big loss, got real potential. this is a big step back for chelsea player development. some real talent there. they may not make it at top class, but given a few seasons could be squad players or even sold for good money