No, it does not mean that. Revoking the choice means if you qualify for the Form 2555 but choose not to use it.
Per IRS, if you take a foreign tax credit for tax on income you could have excluded under your choice to exclude foreign earned income or your choice to exclude foreign housing costs, one or both of the choices may be considered revoked. For details, click here: https://www.irs.gov/pub/irs-pdf/p54.pdf ( page 25)
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