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Will it work after the Istanbul hard fork?
It will. The gas used by single CREATE2 transaction may increase due to EIP 2026 (https://eips.ethereum.org/EIPS/eip-2026), however this prepayment is refunded upon selfdestruct (i.e. in the same transaction). To be honest, I still do not understand, whether the prepayment is refunded in ether or gas.