No, nihilism is not an implication of realization. Sure, one can slip into it along the way, but that's beside the point. One can also slip into blind unreserved optimism, but that's not the "end game" either.

Yes, values, purposes, and meanings (the ones we usually hold, that is) turn out to be illusory and sometimes even stupid. But in fact they only shift and become what you would probably call solipsisms -- i.e. meaning of life turns out to be life, thus its purpose is to simply live it while it lasts; no form has any inherent value and so every form is equally valuable; actions and morality become simply a matter of consequences and thus responsibility for one's knowledge; etc.