While Mitch is right that a ConcurrentDictionary is not vulnerable to race conditions, I think the answer to the question you are asking is that yes, if the key is present, TryRemove will work and will return true.
In the code you posted, there’s no way that TryRemove would return false since cd is a local variable not accessed anywhere else. But if some code elsewhere were given a reference to this ConcurrentDictionary object and were removing keys on a separate thread, then it’s possible that TryRemove could return false, even here — but only because the key was already removed, not because some other action is being performed on the dictionary and the key is somehow “stuck” there.