"May" is pretty specious. Is there any evidence of something likely to work? I would love to see practical fusion, but I see no reason to believe it will exist soon. Someone has to figure out how to actually make it practical first.
Last decade, major discoveries were made in practical high-temperature superconductors. By 2017, you could commercially purchase superconducting tape that can do >8T, the state of the art has improved since, and keeps improving. All the constraints and limits on fusion that were known since the field began are changing now. Most importantly, with high-field magnets, the size of a theoretically functional net-energy fusion reactor comes way down, to what is achievably by a reasonably well funded startup. The whole field is open now, and all the different magnetic confinement fusion technologies that were tested and discarded over the first 60 years of fusion research are now being re-evaluated in ligth of the new magnets that are available. That's why there are now like a dozen well-funded fusion startups.
That ITER doesn't use superconducting magnets to me means that it will definitely be "obsolete" in the sense of using the most modern technologies, but it's still going to do the job it was designed for.
No, in that its principle purpose is fusion and plasma research. It'll still be able to do science.