Yep. He’ll get a misdemeanor charge at best. Only the peons will get hanged.
My guess is that Baldwin will be charged with obstruction and false statements in addition to third degree murder. There is reason to believe that Baldwin was the key figure in concocting a set of lies designed to put the blame on the supplier of the prop gun and the ammo for it so as to divert blame away from the negligence and lack of care by the set armorer, an assistant director, and Baldwin.