No! Salesforce Lightning Components (Aura Components) are likely to live on for quite a few years. I do think that the Lightning Web Component will eventually lead to the Lightning Component falling out of use. There’s a number of reasons for that.
LWC Performance Gains
Lightning Web Components better utilize the browser’s native functionality resulting in much better performance. This is because Salesforce is better utilizing browser standards and all of the advancements in modern JavaScript. There have also been a lot of caching improvements and rendering improvements.
Over the last two years or so, I believe Salesforce has replaced most of the base components so they are now built in native LWC instead of in Aura.
LWC Have a Better Developer Experience
I believe that LWC has a better developer experience especially if you know JavaScript really well. LWC has support for the Jest testing library built right into it.
Wrapping It Up
A lot of the proprietary patterns that Salesforce has introduced have been removed in favour of using ES6 modules (import/export) and more standard JavaScript. As a developer with experience in Angular and React I find LWC a lot easier to use. (And it’s a lot less boiler plate code to write!)
I believe it makes sense to take advantage of a lot of the advancements and switch to LWC instead of Aura especially because they work together seamlessly.