Does the process really take this long?

Got this reply from an in-house recruiter: this is at 2 weeks AFTER 2 interviews and a “meet the team” lunch (1st interview was end of December).

“I hope all is well – thank you for checking in! I know XXXXXX had a meeting with the VP this week and was hoping to have some more feedback for me by next week. I will be sure to let you know once I hear something from him. I appreciate your continued patience!”

Now into Week 3 (the week feedback was expected) Is this “recruiter speak” for telling me I’m 2nd choice or just out? I don’t know what to think at this point - had been going great with forward movement and then it feels like it has stalled out. What could be going on?