Yes, exactly - the Jubilee year has not been observed since either 70 CE or 720 BCE [0] so the laws of ger toshav no longer apply. The majority opinion is that the Jubilee (and hence these laws) will not be reinstated until the coming of the Messiah.

[0] there is somewhat of a debate on the topic in Orthodox Jewish sources, not that it makes much difference to the matter under discussion: https://www.chabad.org/library/article_cdo/aid/513212/jewish...