Depends on your exact definitions and assumptions.
First you are assuming "heat death" as the Ultimate fate of the universe. There are other options.
Secondly, the last star burning out is FAR from the heat death of the universe.
- 10^141014 years - last stars burning out
- 10^10010100 years - last black hole's evaporate
- 10^1000101000 years - heat death
The ratio between number of years betweenin your scenario of the colonists and the actual heat death is a 1 followed by about 986 zeros. You're a bit early.
The classical physics definition of "the heat death of the universe" is the moment when the universe reaches "thermodynamic equilibrium (akaAKA maximum entropy)." which means that there are "no net macroscopic flows of matter or of energy."
Let's presume that the universe refers to the entire universe and not just your personal "observable universe" for simplicity's sake.
Note that there are numerous theories and wild ideas in physics that suggest that either this point would literally never be reached due to other events or that it would decrease again afterwards and thus multiple heat deaths might be possible.
Note above the word "macroscopic". There is, in practice, a lot happening below that scale and if you accept the concept that life can be realised as dynamic information, then it is possible to assume that after many, many trillions of years of technological advances we might figure out a way to live down there at that scale.
We might not even notice the heat death occurring ? (Oh, was that this week, I though I set a reminder...)
If your civilisation has access to sub-sub-macroscopic technology, then by-definition definition you can use any sub-sub-macroscopic based escape path without blocking the heat-death.
That could mean living down there at that scale or transporting your selfyourself to a different universe.