Yes, but I think this the most likely outcome. Natural gas is only cheap in certain areas, and the past few years have made everyone very, very aware of the geopolitics involved in getting hold of it. While global warming is not going away, and I question the extent to which CCS actually happens with blue hydrogen.
Batteries are capital equipment in the same way as electrolysers are. They're great at short term storage, but medium-term is still a bit more of an issue. "Restrict batteries" is obviously not on the table except for stupid retail corner cases where utilities have captured the regulator.
There's a potential market for lots of green H2 in Haber nitrogen, metals refining, and synthetic jet fuel etc, but only if the cheap CO2 emitting option is priced out or banned, or H2 electrolysers get comparable capital prices to battery storage.