Possibly. It is also possible that a complete teardown will reveal no problem with the lower end. Although 1/10 teaspoon (total volume) of probable cylinder-plate metal was found in the sump, this engine has been very reliable, and currently has excellent cylinder compression, clean oil analysis indicating normal wear, relatively new starter, spark plugs, magnetos, alternator, etc. A Continental engineer thought the flakes likely came from the base of a cylinder during break-in, and advised not to pull any cylinders yet. They may also have worn during a cold, "dry" (minimal lubrication) start. Safety is paramount. Because engine failures are more likely to occur after major maintenance (top or major), careful diagnosis and targeted remediation is the conservative and safer approach than immediate tear down. A long ground-run with subsequent filter and sump inspections should come first. Perhaps removal of one cylinder will enable borescope inspection of the other cylinder's walls that couldn't be seen from above the pistons.
Regarding overhauls: Penn Yann and Western Skyways declined to quote because they cannot overhaul within the next year (think supply-chain issues) and/or parts availability and prices are too uncertain. Continental likely has best access to parts for overhaul; Continental quoted $87,258 and 7 months for a factory reman. The least expensive "field overhaul" I have been quoted is over $50K (about $60k with removal/installation, hoses, etc.) with a 6 month turn-around. Others are more expensive with turn around times on the order of 7-8 months, IF they can obtain parts.