Personally, I consider myself somewhat of a moral nihilist. The "death of God" is quite interesting, but I don't agree that with the rejection of god leads to the rejection of morals and truth. That seems to just be a way to safe guard religion from those who think differently.
Without religion, I have gone through the world without raping, killing, or buying into false information (for the most part). I do think that morals are a human construction, but I don't think we have the best system yet. There are better (more functional) things to be done with how the world/countries are run.
In the sense that there is a rejection of absolute values, yes, that is true. Values are subjective. Some people view cake as highly valuable because they like cake. Same goes for other things such as truth, some people would rather be ignorant yet happy than see truth and have the possibility of being unhappy. For that they place a higher value on happiness.
They are mainly subjective or relative, depending on the culture/society/individual.