No.
But in effect - for the vast majority of low-effort affiliates - it is.
The Easy Money Era is over and it ain’t coming back.
The days of spamming content from your bedroom and making more than your friends with real jobs and real businesses is over, and honestly that’s probably a good thing for the world.
The top-tier affiliate marketers who treat their business like a Real Business will be fine. There are tons of examples of smaller publishers who are doing fine throughout the recent Google onslaught.