Yes it is. It will cycle through whichever Keyboards you have configured or as you put it are "active".
I have 3 keyboards configured. English, spanish, and Emoji. When I hold it down only those 3 keyboards appear. It doesn't show the entire list of available keyboard formats and layouts that the iPad can handle.
My "configured" and your "active" mean the same thing.
Which is why I suggested the poster just tap the key again. Unless they have every supported keyboard configured / active then in at most a couple of taps it should return to the original keyboard layout.
Yes the Tap and Hold also works.