The review of the names on the 1950 Census on FamilySearch are rapidly being completed. Here is the status as of the date of this post.
However, FamilySearch is still quite far away from finishing the project. The reason is that the families also have to be reviewed before the census records can be opened to searching.
Recently, the process of reviewing families has been made easier and faster. Here is a blog post explaining about family review.
Here is a link to a tutorial video about the review process.https://youtu.be/a__AtwzV7dU