Possibly. But users aren’t likely to switch unless the content creators leave, and the content creators will stay if they have more views there than on Instagram / YouTube / etc. (actually, they probably just post the same videos to all the platforms, to maximize exposure at almost no cost).
People always say X network is going to go the way of MySpace, but when’s the last time that happened? I wouldn’t say any of FB, Twitter, Snap, Instagram have died off the way MySpace did. Certain age groups may have migrated to other platforms, but these networks are so ingrained and established that millions of people can leave and it doesn’t matter.
There’s still a huge population using all of the networks and unless a new app provides some new unique feature like Snapchat and TikTok did when people first started using them, I don’t see anything popping up to replace them.