Sometimes, sometimes not. CNC (as someone noted) is just a control mechanism. For some use cases, the cams and levers of a World War II-era Screw Machine are faster and far more cost effective than a new, or even used CNC mill/lathe.

There are shops out there that will buy up old automated machine tools and dedicate each machine to a particular setup or product that they make in bulk. That 60 year-old hunk of cast iron and steel might have cost an eyewatering sum when it was new, but because CNC is all the rage now, it's available for the cost of scrap now and it may still be as precise as the day it was built.

Many CNC machines in operation are retrofits of WWII era manual lathes and mills. There are so many of those still in existence, and the demand for small scale machining is so small in the US these days that the market for high quality machining tools have effectively segmented into huge modern CNC machining centers worth hundreds of thousands to millions of dollars, and many decades old refurbished tools for small scale, simple one offs and hobbyist tools.

CNC is a way to control a tool, and the tools that can be controlled are so wide ranging that it's weird to talk about the efficacy of CNC, rather than the capabilities of the tool you're controlling.