Yes, according to rumors on different forums and Websites...
"The custom Microsoft SQ1 and SQ2 processors in use now are just tweaked versions of the Qualcomm Snapdragon 8cx, which hasn’t been refreshed in a meaningful way until just recently. It’s likely that Microsoft could have an SQ3 that’s based on the Snapdragon 8cx Gen 3, given how closely Microsoft and Qualcomm work together on this".