It does not necessarily mean that these are the branches currently installed. [init_metapip] will notify you if that is the case.
Examples
get_current_branches()
#>
#> ── metapip current branches (default in red): ──
#>
#> ◌ pipapi : DEV
#> ◌ pipload : DEV_v2
#> ◌ wbpip : DEV
#> ◌ pipfun : DEV_v2
#> ◌ pipdata : DEV_v2
#> ◌ pipster : DEV
#> ◌ pipaux : DEV_v2
#> ◌ pipfaker: main
get_package_current_branch(c("pipdata", "pipfaker"))
#> pipdata pipfaker
#> "DEV_v2" "main"