No. Phased out over time in some places maybe, not abolished. Implemented in some new developments, absolutely.
While roundabouts can work more efficiently they require the roads and traffic usage patterns to accommodate them. Additionally existing intersections designed for lights and putting in roundabouts would require cities in many cases to use eminent domain to acquire the land around them or to buy out land/properties from people. The excessive use of eminent domain would lead to endless legal battles that would deplete city budgets.
Some existing large intersections could be retrofitted for a roundabout and some small cities are in fact doing this. I've also witnessed this occurring in rural areas that have intersecting highways where the state already owns the land around the highways. This reduces brake dust, engine brake noise and keeps freight moving.