Yes, but this also assumes that a lot of the content created by humanity has been worthwhile. A lot of it is pure noise. Youtube is a really great example of this, in between the "hidden gems" and "popular high quality" works there's a whole bunch of noise that might as well have been generated by AI. Actually I wouldn't be surprised if they were at least partially AI generated, they just make some cheap voice actor read their generated script for them.

I think you're going to see a very rapid pendulum swinging here. With an absurd amount of content being generated and then flooding the various platforms, and in turn platforms are going to try and combat this by creating more centralized sources of information. The return to analog knowledge seems a bit far-fetched. I highly doubt that would be an outcome, if only because convenience trumps it. Look at librarians, you can talk to one and get much better direction of information than asking google, but few people do that. I can't see that changing.