Yes. It's annoying (yay, another unnecessary admin-item to add to to-do list with a specific date!) but harmless.

It used to create a bit of real hassle if the gifted E50K was travelling in early March and hadn't yet received their card (trying to persuade *A lounge dragons with a printed confirmation that status has been extended is not what you want to be doing after a long-haul flight).

However, if you make sure the giftee has the Air Canada app on their smartphone, it shows a virtual scannable status card and my (and my spouse's) experience this past March was that this updated very quickly. Not sure if immediate, but by the time my spouse checked (and def. before she flew) it was done.