I also think there are now a couple of new factors affecting it.
With people staying at home, the demand of toilet paper has shifted to the home more.
People might be limiting their trips to the shop and are bulk buying more.
But I agree the hoarding is still creating a shortage of toilet paper (and pasta, meat etc).
It will be good when people have enough and we see things stocked on the shelves like normal. Although with potential businesses closing or enforced self isolation, I can't see the shelves looking normal for a while.
Been a run on bottle shops, Bunnings etc as well.
It's been interesting to see what gets sold out, there is still plenty of canned tuna etc, but no lemon juice (but there is lime juice). Didn't realise people used lemon juice so much.