Just because they are closing their hub in Faro, it doesn't follow that they will no longer be flying from Cork to Faro. I know someone else who is waiting for the schedule to be published and she has written to Ryanair about it. They responded that they don't know yet.
So it MAY be cancelled, or it may not. I would expect that there is enough demand to justify at least a limited service during the summer months (and probably also late spring and early autumn), but I guess it will take Ryanair a while to sort out the logistics now that they will no longer have a hub in Faro.