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Yes. MD round is a case study.
The bad part is that it's likely the toughest round of the process. The good part is that MDs also don't stick to any script and are most pragmatic about the answers and objective on the approach.
It's meant to be 3rd but sometimes they advance you directly.
Had my MD interview a couple of months ago, case study. MD was not prescriptive about the interview and just went with the flow, not trying to catch you out just interested in my thought process. Offered the role the next day.
Yes, it was referred to as final MD interview- I had 3 interviews in total.