The last episode of season two aired on June 19, 2020. It ended on a cliffhanger. Since then there has been no news about the show renewal.

... Excerpt from The Politician Season 3 - What We Know So Far:

There will be a long wait for The Politician season 3

As of the time of writing, neither Murphy nor Netflix have given a release date or release window for when The Politician season 3 is expected to debut. However, Murphy has provided fans with one important piece of information that will be a bit disappointing for viewers who are eager to find out how Payton's story ends.

During an interview with Collider, Murphy was asked about his plans for the end of the series. Not only did he confirmed that his plan is to end the show after season 3, he also said, "I think where season two ends, what I would love to do is take a couple of years off and have Ben Platt get a little bit older for his final race [...] I'm going to wait. Ben is young, so I want to wait a couple of years to figure out how we age him up a little bit. But that's always been my plan."

So, while The Politician is likely coming back for a final season at some point in the future, we will unfortunately be waiting for what sounds like literal years for that to happen. That large time jump also brings up another question: which members of the cast are likely to be back when the series returns