Yes.  Under Prop. Reg. §1.152-2(g)(3) and Notice 2006-86, only the custodian parent is eligible to claim EIC and Dependent Care Credit in relation to the qualifying child in spite of the release.  The non-custodian parent to whom the release is given is allowed to claim the qualifying child only for dependency exemption (which is temporarily reduced to $0 by TCJA) and CTC.