Probably it will be back for some peak times, but will probably operate on standby for others. My experience with the "old" VL back in April was that the wait after getting into line was about 60 minutes. I have heard reports that the "new" VL that uses the QR code has lower wait times once you return because it adjusts the time, but I don't have enough first hand experience with it to judge for myself. We only used it one Saturday in August, and still waited about 40 minutes once, and were weather delayed for hours the second time until they let us into line just before park closing, and were able to ride but with no audio (which severely impacted the ride experience).
True, but if you get into line banking on it being shorter, there's also a good chance you'll be disappointed. This weekend, we had one 60 minute wait that we thought might be inflated to discourage riding close to park close, and sure enough, the wait was only 45 minutes. But during most of the day, we found the times to be pretty accurate. Also those times assume the ride continues to function flawlessly. And Hagrid's isn't known for functioning flawlessly. A group in front of us was saying they'd tried to ride earlier, the ride went down, and they waited an hour without moving at all before giving up and leaving the line.