This is entirely subjective opinion on my part, but observing how the story is going and where I think it will be going in the future, I believe we have reached the final arc of Part 2, and we will get a third and final part of the series later on that will probably deal with the Death Devil -- More on that later. 
 
First of all, I think the sheer fact that Chainsaw Man has "parts" to begin with means that we're going to get more than just two, otherwise it feels kind of unnecessary to me. I've felt for a long time that Part 2 wasn't going to be the end of the story anyway, and since there's a time jump incoming with the Death Devil's approach, it makes sense to do the time jump between parts-- otherwise why have parts to begin with? 
 
In addition to that, do you really think that the final battle between devils and humans, the coming of the Great King of Terror, Death herself, will be within a story called the "School Arc"??? Nah! 
 
As for how the story has actually been going, it felt like Black Chainsaw Man's appearance was the spell of the end, the same way it was in Part 1, and this chapter seems to have confirmed it for me. The main antagonistic forces in Part 2 have been extinguished or put away for the time being, which were Public Safety and the Chainsaw Man Church. Fami, the leader of the church, literally pisses off in this latest chapter to go to a school festival because she's bored dealing with Public Safety and the lot of them. Remember that Fami is the one that orchestrated almost every arc in this part so far and seems to be (for all intents and purposes) the "main antagonist" here. (although she herself isn't a very enthusiastic one, which is just funny but whatever.) You also have Barem who filled more of a "villain" role, as her second in command, but he got BTFO so that's done too. 
 
Also in this chapter Yoshida and Fumiko are kind of dejected and defeated, so they're out for the count too. 
 
Both antagonistic factions in the part are out of the game, players are leaving the field one by one, and the only one left is Yoru. We're dealing with that now, Yoru and Denji's encounter, that has been foreshadowed and built up to since Chapter 98. THIS is the climax of Part 2 and what we've been waiting for! 
 
Yes I think it is a bit anticlimactic that the "villain", Fami, just kind of fucks off, and there's also still seemingly unanswered questions about the Fire Devil and the fake Chainsaw Man from earlier on, but I think some of this can be explained or will be in a third part. Fami's plans were thwarted, so she just dips. She's out! 
 
First of all, I think Denji mentioning Fire to Yoru in the previous chapter was Fujimoto putting that story to bed. Yoru tells Denji that he will meet Fire when Death arrives, and he will also meet the new incarnation of the Control Devil (foreshadowing!!) To me this feels like putting Fire aside to deal with later. 
 
There's also Fakesaw Man, but I think that was just explained in the Chainsaw Man War Arc kind of anticlimactically that Fire was able to transform anyone into Chainsaw Man, so there never really was an "identity" to chase to begin with (disappointing, sure, but that's my explanation for it if we never get an answer) 
 
Now, as for the future, I think this final arc will be the confrontation between Asa/Yoru and Denji, and something will happen at the end that either separates Yoru and Asa or straight up kills Yoru. Asa and Denji, now alone in Tokyo that is burning right in front of them, will resolve to do something about the Death Devil's coming, but do it in their own way. Remember that all of Part 2 has been outside forces trying to condition Denji and Asa to be something bigger than they are, to prepare them for this event, but in the process their lives were upended and hundreds of people were killed. Denji and Asa will kill Death, but on their OWN terms! 
 
PART 2 - FIN 
 
Now what about Part 3? I really like the idea of changing protagonists between parts, I am a JoJo fan after all, and I think I have an idea for the perfect candidate: the third incarnation of the Control Devil. I'm not exactly sure how the execution of it would go but I believe now that Nayuta is dead and there will be a third Control Devil incarnation (as foreshadowed in the previous chapter) who will take over as the protagonist in Part 3. Could also be a plotpoint that Control 3 will find and meet Denji and they will have some connection because of Denji's previous relationships with Makima and Nayuta. 
 
That's about all I have on that topic, except one last thing, kind of trivial maybe but I think it's fun. I've had a name in mind for a third part. 
Part 1 - Public Safety Saga 
Part 2 - Academy Saga 
Part 3 - Apocalypse Saga 
 
Please let me know what you think I'm dying to hear if anyone else maybe agrees with me, and if you don't please tell me why! 
 
Edit: Some of you seem to be under the impression that I want it to end because I don't like the story for some reason??? I love Part 2, I think it's better than P1, but I think for the plot to advance we need to move on from the Academy Saga... |