SPOILERS: I actually hope that there's a hiatus. This was the 17th episode of a 22 episode season. I expected the release of the Nightmare Realm to be the Season 2 Finale, but there's five episodes left in the season. We've gotten tons of answers in the episodes following Not What He Seems, so Bill's plan to free the rift seemed like the last big mystery. Now, I suspect that the season 2 finale will be the Pines defeating Bill's nightmare army, which would make for a fitting conclusion to the show as a whole. There has been no official confirmation of whether GF will get a third season. I hope that it gets another season, but the mystery aspect, the thing that drew me into it, is fading. I want a hiatus, partially so that we can continue to theorize before we get more answers, but mostly just to put off the inevitable end of the show.
I just realized that I'm sounding a lot like Mabel did at the end of the episode. Huh.