Pretty much, but it's building on top of the previous QF program [0][1] where the USAF would retrofit retired jets like the F-4 and older F-16s as drones for target training. They used to be remotely controlled but the VENOM platform is testing complete autonomy.
[0] - https://www.af.mil/About-Us/Fact-Sheets/Display/Article/1045...
[1] - https://www.af.mil/News/Article-Display/Article/467196/first...
Also there's just an absolutely bonkers number of F-16s in service today.
Using them as Loyal Wingman type aircraft would look pretty appealing cost wise.
Not when you consider the cost per hour of flight. You want a wingman you’re better off with cheap, cheap to run and disposable
No aircraft which can fulfill the CCA type role is going to be "disposable". All the systems in that performance bracket are in the 20-40 million range minimum.
The most persistent thing misunderstanding about drones is people imagining that a supersonic capable stealth airframe is going to be really cheap just because it doesn't have a pilot.
Still, the F16 is 16 hours of maintenance per hour of flight or something close to that. Which probably isn’t terrible compared to other aircraft but doesn’t seem sensible for something without aircrew