There's not a true or false answer to that question.
VSOD services have definitely now outgrown other forms of video media in pretty much every country, but some people do still watch regular TV.
Also like... "cable" may have always been a big thing in the US, but in places like the UK, our non-terrestrial TV, before the advent of digital was always dominated by satellite, not cable, so it'd almost be accurate to say people never watched cable here to begin with.
If you want a clearer picture of the current media landscape, I'd strongly recommend looking up MipTrends. and downloading some of their reports (you can usually get one for free if you give them your email address. It's pretty interesting stuff!