This announcement is a timely relief. However, in the event that the core members of Hermeneutics.SE began to get weary and the site stats continued to slide, would there be a chance to migrate all the quality questions to Christianity.SE or Judaism.SE, as appropriate, before closing down? There is so much good material on this site, it would be a pity to loose so many neat questions and answers. (Of course, it would be pity to even have to shut down.)
Yes. Even the poorly announced batch of shutdowns this week has been given a couple weeks go do things like go through and migrate anything that would be useful to a site with a crossover scope. In this case I think a large amount of content would make it's way to C.SE.
Also be aware that they provide full data dumps from shutdown sites. Obviously it's a harder to use format, but the data isn't lost to the world in the event of a site shutdown.
I think the thing to do is focus on keeping up a steady flow of quality content and promoting to interested experts so that we never have to face those issues!