That binary system is going to make one heck of a supernova at some point in the distant future.
Maybe, probably not, but there is not enough data to know. It's been over four hundred years since the last recorded supernova in the Milky Way, and telescopes weren't that great in 1604. (Also the standard note about time and distance in astronomy, the star's light we see today is from about 12,000 years in our past. We cannot see today, we see the past.)
There is not enough data to say what will happen, and there are only a few major options for a star that size: partial collapse, full collapse, or ablation.
It might go through a series of partial collapses, with many small contractions end up ejecting huge chunks of the star, then re-expanding, and themselves re-exploding on their way out. This seems to be a fairly normal end-of-life pattern. Basically the core works like a fireworks launch platform as we see in summertime displays. Eventually the remaining core might be collapsed or not, but the show will be enjoyable. The result is a small nebula.
It might collapse into a neutron star. It might even collapse to a black hole. Either of these collapses MIGHT lead to a supernova, or maybe even a hypernova, or have a bunch of gamma bursts, or, most boring, nothing much at all; it just collapses with a (relatively mild compared to supernova) explosion and the outer layers blow away. Modern astronomers never seen it happen up close, so everything is a guess. Now that the partner is known people might be able to make a better guess, but it is still a guess. Depending on when it explodes, if ever, it will likely form a big nebula.
The actual article says the larger star is rapidly shedding mass. If it is throwing enough mass out fast enough (which will be affected by its binary partner) it will shrink enough to avoid a core collapse. In that case it will throw out a bunch of mass and in a few centuries appear as a small nebula.
But again we don't know what will happen because there are no similar data points. If you are looking for nearby stars to go supernova, there is a short list of known supernova candidates that we can watch. Otherwise the supernova we see are from distant galaxies where we can only speculate about.