No it's not. 603 is the fastest they've ever gotten the train to go on a test track, which doesn't make that the speed they'd actually run for commercial service. Their current plan is 500 with a top speed of 505. Which is really good, but also a decent ways off and involves some serious earthworks to make the track flat enough.

For comparison, the speed record for wheel on steel rail trains is currently 574 km/hr.

The rail really isn't a huge impact on the speed yet. At those speeds it really start being more about aerodynamics of the vehicles and the cost per kWh. Maybe maglev technology will change that at some point, but right now we haven't really seen results that would lead us to assume that big of an advantage comes from getting rid of the rail. Arguably the biggest advantage is going to come when someone figures out how to put the trains in a tube where the aerodynamic situation changes completely. That's why the hyperloop proposal wasn't just "use a maglev".

Maglev trains are cool as shit though, you're literally floating through the air, it's awesome. I highly recommend riding the one in Shanghai. Make sure you hit a 430 km/hr run and not the slower 300 km/hr ones, the experience is very different. It's fun as hell.