I'm starting to think it has. Look at the evidence:
No episode or "Will Return"s for 4-5 weeks.
The director says he's done with the show.
I think the ratings have been very low, somewhere around 10,000 people watched the last few eps.
(Now for my opinions). I also think the show has lost its edge. The plots aren't great, the jokes aren't funny, the characters develop unexplained new traits.
I'm getting more and more sure they cancelled the Total Drama series. Remember, networks will sometimes do this with no notice. I guess the last word of this new heir to My So Called Life's throne is "Accion-ay" in a weird accent.