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‘Our Flag Means Death’ Canceled After Two Seasons at Max
(variety.com)
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It's not a cliffhanger at all. The show would be greatly improved by a third season imo just because the tone of the 2nd season is really intense compared to the first, and while S2 has a fairly satisfying ending - it could really use the catharsis of a final act.
Just to expand on myself, I've read that S2 had a lower budget than S1 and everybody knew they might not get a S3, so they wrote it to have a satisfying ending even though they were still hoping for S3.