M1 here who came off the waitlist in July last year with three weeks till classes started, with a class size under 90, so its possible. Less calls will probably go out as time moves on, but they'll keep coming up till schools begin starting. It'll be near impossible to predict any one person's chances of getting pulled of a WL I feel, it may come down to being on the right WL and being able to balance a schools demographics the right way to replace whoever withdrew.
I'd recommend moving forward however. Better to be prepared and not need it than need to reapply and not be prepared. I actually got the call as I was sitting in orientation for hospital volunteering. And at least personally, I found that just the act of accepting the need of starting the process again was the worst part, once I got writing and planning and got some measure of control over things I found it cathartic. Waiting is always the worst part, sometimes reclaiming a bit of agency just feels good, and I was able to let my hopelessness become determination to prove myself in the next cycle.
Just my two cents, definitely don't claim to be an expert on any of this. Best of luck to you and everyone else still riding the WLs!