Not according to the traditional Lutheran understanding. The world is not an artifact, but is a place where God is present and making all things new.
Yes, God is at work to renew, or restore the creation. If you read Luther's commentary on Genesis, particularly Genesis 1:27 he says:
"Without doubt therefore, as God was so delighted with this his counsel and workmanship in the creation of man, so he is now delighted in the restoration of that his original glorious work, through his Son our Deliverer, Jesus Christ."
"Moses here mentions both sexes together. That woman might not appear to be excluded from all the glory of the life to come.... However Moses here joins the two sexes together and says that God created them male and female for a further reason that he might thereby signify that Eve also being alike created of God, alike with Adam became thereby a partaker of the divine image and similitude, and also of the dominion over all things."
On Genesis 2:2 Luther says that "The Sabbath or rest of the Sabbath here signifies that God so rested, as not to have any further design of creating any other heaven or earth. It does not mean that God ceased to preserve and govern the heaven and the earth, which he had now created and finished."
For Luther God's Word in creation has continuing power and efficacy "Let the sea bring forth fishes" etc.
"Now all these words of God remain unto the present day. And therefore it is that we see the multiplication of all these creatures go on without cessation or end."
"God has ceased from his creation-work, but he has not ceased from his government-work."
The 'making all things new" that you refer to I understand to mean in the case of mankind a restoration to the original Image in which he was made.