Yes, that looks like a Baldfaced Hornet nest. The nest has been in that location all summer, even if you didn't notice it (it was smaller earlier in the year), so the workers probably have been leaving people alone, which they usually do unless they perceive a threat to the nest. Hornet nests are not re-used from one year to the next, and by this winter (or even by mid- to late autumn, as the nights get cooler), all remaining members of the colony will be dead. Weather and wildlife will disintegrate it after that point, so you don't need to remove it.

If the wasps cannot be avoided and people are being stung, then you can look into having it removed. You can hire a pest control professional if desired, or treat it yourself (if you can reach it) with wasp spray, following all product label directions. You can learn more about their life cycle and management options on our Social Wasps web page.

Miri