Yes, even if a player retires, the card may still be used to play matches.
There can be two scenarios in this situation.
1. The player has retired from a cricket format but still playing other league matches like CPL.
2. The card that you own is an OG card. OG cards will take the position of the actual players playing in that position.
For more information about OG cards, please visit https://d3.club/og-cards.