Finland's postwar submarine restriction

Does the 1947 Paris peace settlement still explain why Finland has no submarines?

Yes, though the passage suggests such an old restriction might now be revisited rather than treated as immovable.

The 1947 Paris peace settlement provides the formal explanation for Finland's lack of submarines. By 2020, more than seven decades had passed since the restriction was imposed. It might be revisited politically or legally, though Finland's continued respect for the settlement is understandable. A postwar arms limitation can remain influential long after the strategic environment that produced it has changed.