Yes. The timestamp is unsigned 32 bit. So we get ~4.3 billion seconds since Jan 1970 unix time epoch. This lands us in 2106 (2106-02-07 06:28:15). At which time the value can overflow, which would cause mined blocks to be invalid as they'd be reporting a timestamp not allowed per median of recent blocks being well in the future.

Othet systems globally also need updates.

Presumably we'd fork to using a 64 bit time in the block.