Victoria Falls are definitely still "falling". I had some friends who were by last week and said all seemed fine. The flow should increase as rainy season picks up (the water in the Zambezi comes from further north) - Drought is indeed impacting regions around the middle / lower Zambezi (especially around Lake Kariba and spots south of Kariba Dam - Mana Pools NP / Lower Zambezi NP), but water levels there and at Victoria Falls are not always in line.
You can check the latest flow levels here:
River Flows | Zambezi River Authority