Maybe. I think there’s a lot of dislike towards Elon, people are just looking for an alternative to Twitter. The recent surge in popularity for threads is just proof of that.
Unless Twitter completely turns things around (spoiler, they won't) I expect Threads will slowly grow over the next several months; both in users and features.
At the moment Threads isn't ready (from a functionality standpoint) to absorb Twitter, but it will be the more time they have.
From a Mastodon/Fediverse standpoint the sooner Twitter falls over, the better. (Assuming it's ready to scale and take on users, I think probably, but who knows.)
In short unless something dramatic happens I expect Threads (for better or worse) will be around for a long time.
I made a few comments on various news sites (and techie news sites too), and the overwhelming response was basically they were happy to choose the lesser of two evils. And the fact that Threads is working while Twitter is in shambles.