It couldn't compete economically with growth in the rest of the greater Bay area and the rest of China it's certainly need some new purpose and direction. maybe the national security law can help Hong Kong regain a sense of being an extremely safe and stable place. a shining light for the rule of law perhaps.
certainly that would be a welcome contrast to the images of dissenting voices being set on fire and violently assaulted by the self-appointed protectors of free speech and democracy on Hong Kong streets. you can support the heroic actions of those young misguided hongkongers if you'd like... and see it in simplistic terms as a struggle between in the red corner the evil China and in the blue corner the wonders of democracy.... or you can grasp the larger picture. increasing stability in Hong Kong is a good thing, while the commentary around the world is part of the noise. The divisive noise required to keep democracies functioning smoothly.
anyway the security law it's certainly no death knell, although I'd say that being burned to death for having an opinion that diverges from the mob, was definitely a threatening blow to freedom and the rule of law in Hong Kong.
so not a death knell but the security law is an exact implementation of the agreement that Britain and China created together. every step the China is taking its right there in the basic law as created by China and Britain in 1997.
I think you can understand this situation because countries like Britain and America they have to say they disapprove, to conform to their populations expectations, but in reality every country's working towards the same goal. it's just that to admit this would cause the useful fantasy in each particular place to collapse. for now the best way to get to a better future globally is for different countries to have their own stories.