Not necessarily.
You will most likely find she will drop further...and this doesnt mean that she is engaged, or any reflection of the state of your cervix.
My DD dropped about hte same time, and I thought I was going to waddle forever! lol
Then she dropped again at about 36 weeks - I didnt realise there was anywhere left to drop to! I ended up going 41+1 with her.
You still have several weeks to go so your ligaments and pelvis will continue to move and make room for the baby - she will put on about 12oz a week in the last 4 weeks of gestation, so she will be much bigger than she is now and your body needs to make room for her and prepare for birth.