is this where we get our word 'status'

Yes, status is the masculine nominative singular of the fourth form (past participle) of the verb sto. State comes from status also. Interesting thing about the dictionary citation forms for verbs in Latin is that I learned to cite the fourth form in the masc. nom. sg. ending, but most dictionaries give the neuter nom./acc. sg. Might be a difference between the UK and the US or the UK and the rest of Europe.