Probably not for a living, though one can still do it for some sort of intrinsically-motivated fun.
Folks still enjoy doing woodworking and make boxes, tables, benches, etc. -- even though they could easily buy them new, used, or for pretty cheap (say, at IKEA).
Folks still enjoy making photorealistic sketches/paintings, more than a century after the invention of photography.
Folks still enjoy playing musical instruments and/or singing, even though recordings exist of the world's best musicians performing all the songs you might want to play.
Your observation is correct, though IMHO restricted to a professional context -- in the hobby/personal enjoyment space, I see no reason this should change things.