I do wonder what will happen when storage capacity greatly greatly exceeds network capacity. That is it will only be possible and cheaper to send large amounts of data by physically moving in and not using a digital network.
However, looked at another way, it has also never been and never will be true, if one defines "digital network" broadly enough to include any connection between the storage device and, say, a CPU.
Sneakernet or "a station wagon full of tapes" merely increased the bandwidth of one segment of that end-to-end connection. What's usually forgotten is that it doesn't do anything about the bandwidth of, for example, the tape drive (if as many as one are freely available for long enough).
In the more modern world, it can be easy to forget just how huge hard disks are, compared to how much they can transfer. A 12TB drive that can do 120MB/s would need 100k seconds (almost 28 hours) to transfer its entirety.
The situation is particularly severe with "spinning rust" but SSDs seem to be headed in that direction, as densities increase faster than interface speeds (even NVMe).
So yeah the roughly 650Tbps seems usable in such a situation.