My child does not have a shunt, does he/she still have hydrocephaly?

Possibly. I imaging you are asking that if your child has increased fluid in the brain, but not a shunt does that mean there is hydrocephaly. Yes, any increase in fluid is hydrocephaly. Sometimes a shunt is not needed because the brain tissue is not impacted and sometimes , if the hydrocephaly is not under pressure, a shunt will not help.
See below. If your child has a big head, and had a normal imaging study, then they have macrocephally, large head. And the child will not need a shunt.