Not quite. Vinyl refused to die and audiophiles preferred the sound. They hung on long enough that when the labels turned to only putting out rap-tards and cookie monsters that many youth went out looking for something they enjoyed and found it in the past recordings. Records made a legitimate comeback some years ago already. Some bands are releasing some recordings on vinyl only. I know some teenagers and 20s that have some surprisingly large collections from old vintage stuff across genres to new releases.
Regardless of the diehard “phile” aspect it did disappear from from a commercial aspect in that Walmart, Target, KMart et al did not carry LPs the whole time.
A few years back, a post-apocalypse video game series “Fallout” arrived which featured an assortment of vintage songs. The original recordings of those songs, many on 45 or even 78 rpm disks, have shot up in value as the kids playing those games are hearing them, liking them, and are now out trying to find the originals.