Maybe, in a technical sense, but I suspect behind the scenes there is a great deal of activity going on. I would expect my club to be working on signing its next couple of players and for these to be announced sooner rather than later. We already have one, announced three or four weeks ago.
I don't know about you, but I'd rather sign new players at the start of the summer than the end of the summer. Everyone knows where they are and there is better preparation time. So in that sense, your managerial vacancy is an issue. (Ours would be too, if the manager had any influence over which players were signed.)