Are you talking about cheap drones replacing modern fighters, or cheap drones shooting down modern fighters?
They will absolutely replace modern fighters to a degree and already have to an extent, like we've seen in Ukraine with drones serving as close infantry support etc. instead of manned aircraft.
There are still some things "cheap" drones won't be able to do.
Specifically, if you want to carry big bombs and missiles, you need a large aircraft even if it's unmanned. The drone is also presumably going to need to be able to survive enemy air defenses to some extent. So you wind up with a big expensive drone like the MQ-9 Reaper ($30mil plus, lol) that is approaching the size and complexity of a manned fighter.
Also, and I'm not sure if this is what you meant, but "small, cheap drones" are not likely to be shooting down modern fighters in the way that small cheap drones are currently killing tanks directly.
If you want an aircraft that can fly at mach 1.6+ and shoot missiles at other things (some of them stealthy) traveling at mach 1.6+, you are going to wind up with something fairly close to the size/cost/complexity of an F-35 even if you don't have a human being sitting inside.