Not always, but sometimes it does. Cavalry charges aren't a thing anymore, for instance.
Humm-Vees, Bradley's and other infantry mobility vehicles with mounted guns for fire support have very much stepped into the tactical role.
The roles of a "cavalry" unit are reconnaissance/scouting, raiding, pursuit. Whether they're on horseback or mounted in M2/M3s doesn't matter. Today the cavalry role still persists in most large militaries because the fog of war requires it.
I just realized you're not the guy who said "it doesn’t mean the old ones are obsolete", so probably moot