A game is alive when you never have any trouble to find a multiplayer lobby in a short time. Which you don't in CoH2. You dont need 50k+ ingame players at all times to be an "alive" game lol.
A game is dead on the other hand when almost nobody plays it anymore so queue times or the time to find a full custom lobby are ridiculous because of this
Allow me to reiterate: a game is considered "alive" if and only if the following two criteria are met:
- Waiting times, as you have said, are low.
- The matches that occur within that matchmaking process are as fair as possible.
Let's say the first criterion stands (which it does not but whatever). The second criterion is so out of reach for COH2, that it's like a dream.
For further info, check out my other threads and Rosbone's. Every match that is produced by COH2's matchmaker would be consider an outlier by all the other major games' matchmakers.