No one connected to The Conners has officially commented on whether Beverly dies in the Thanksgiving episode. That's not unusual, because they want viewers to tune into the episode and Jackie's entire subplot would fall apart if audiences already knew whether or not Bev pulls through.
But it's also possible she falls ill in this plot and passes away later on.
Some viewers have pointed out that the airdate of the Thanksgiving episode (Nov. 16, 2022) is just before Estelle Parsons's 95th birthday. It's entirely possible that the actress is ready to take a well-deserved break or that there may be reasons for working around her, similar to Linda Hunt on NCIS: L.A.
Parsons has played Beverly since the very first season of the original Roseanne, and she's accomplished a lot of other things in her career, including an Academy Award for the role of Blanche Barrow in 1976's Bonnie and Clyde. She was also nominated for another Oscar and five Tony Awards.
Whether she's moving on from Bev or just ready for a vacation, it'll be perfectly understandable if she does exit the role. However, she'll also be deeply missed.
The Conners airs on Wednesdays at 8 p.m. ET on ABC.