Maybe, but I kind of doubt it. Trump is a black hole of attention. He warps the discourse around himself. If he's on Twitter, people have to go there to find out what he says. Moreover, Musk is a bit more immune to public outcry on the Trump axis than previous owners, in my opinion. It doesn't seem hard to brand it as a triumphant return, and distance himself from Truth Social. His fans will happily eat that up, the people who hated him will keep hating him, and Musk will enjoy making people mad. He's coming back for sure, if only because it's going to juice Twitter's numbers.
There's no leaving Twitter, in my opinion. Its the only game in town. That said, I sincerely hope there is a fracture here. An ecosystem with many smaller platforms seems far healthier to me.