Yes, but not for 100% queries. Since the beginning of May 2018 we see, that Google reduced the characters for Meta Description by average. It doesn't mean that you can't use the new recommendation up to 320 characters, but it's recommended to use the long ones if you feel that it's necessary. Prioritise user experience and understand what queries and keywords your page will rank. And remember, that all other search engines still use short meta descriptions for all queries. These 320 characters limits were just for Google.
For example, if you create a meta description for your homepage, it will be more likely that Google will use old limits up to ~155 characters.
It's recommended to understand is your page for Commercial purpose or Informal Purpose?
What's the difference?
The latest information shows that for Commercial purpose pages Google rolled back to ~155 character limits. So, if you sell something, be short.
For Informal purpose pages, Google still is happy to show longer queries up to ~320 queries, but not always.
Do you need change everything back? I can't give you 100% answer here, and nobody can. Google is testing all these things all the time and you can't be sure that these changes will last long without other changes. Please prioritise User Experience, if you can be short, be short, if not, write meta descriptions a bit longer. If your website is with high commercial purpose, try to be short as it's less possible, that Google will use meta descriptions up to 320 characters.
