(〜 ̄△ ̄)〜 it's a flashback to when they were younger, so no. He is very much alive but this is probably the event that pushed Min-young to get Jeong-cheol's family out of his life. Aka a theory - Min-young decides he can't murder them, so he outs Jeong-cheol as gay. This way, his family would disown him and they can just start a life together without the family bothering. But ofc this has the worst effect and causes their breakup & years apart)

Damn did he die