The reality that many people buying it don't know how to cook, let alone bake. I'd bet that most of the people clearing out the baking aisles are doing so as an insurance policy (i.e. buy the raw materials now 'just in case' and learn how to use them later, if needed.
Maybe, if they have kids they're baking some cookies.) The crisis will pass with the majority of the flour purchased just going bad.
Regarding driving down future demand: not likely more than in the very short term... flour has a fairly short shelf life. Have you ever used/tasted rancid flour? While it's not the end of the world, it's not something most people are likely to want use in a recipe more than once given a choice.