TL;DR, it hasn't been renewed yet, but if the pattern for renewing Season 2 holds steady, Season 3 should be renewed by May. The ratings are wavering so they're not sure if it'll get renewed.

My own two cents are that this show is on its last leg. I notice that shows tend to get cancelled when they hit 50% to 60% of their initial viewership unless they had a dramatic peak later on in its run (which usually indicates a strong core audience, unlike what a linear decline would convey), and it premiered to about 3m views and its sitting at about 2m viewers rn.

https://en.wikipedia.org/wiki/The_Hunting_Party_(TV_series)#Season_2_(2026)

https://tvseriesfinale.com/tv-show/the-hunting-party-season-two-ratings-viewer-votes/

Personally, unless digital viewership is going gangbusters, I'd expect the finale viewership to determine whether or not this show gets renewed.