not at all. I feel (this data is from running SEM for large website(s)) that Google earns most of their revenue from tactical searches. For instance, most people search for website names instead of typing the url. This creates a massive tactical search traffic base for google and brings largest revenue for them. There is a huge competition in this category as most competitors bid on others.
Similarly, product searches are second largest category in which they make tonnes of money. This is also done by people as they don't really like to search on amazon or other ecommerce sites. This is also a huge money spinner for them.
Both of these are not going anywhere as both of these are tactical spends.
Now let us come to long tail. These are again big money and are at risk for Google. However, you have to understand that Goog ads are clicked by most tier 2 users. We, techies, do not really click at ads. We go for organic ranking (mostly). We are the base of chatGPT right now. Tier 2 and lower users don't really use chatgpt.
Even if they do, they would not do it for product discovery or site discovery as it has too much friction: go to chat.openai.com, type in your question, it responds in slow, jerky manner vs just type in browser bar what you are thinking.
To top it, Chatgpt also has stale data. Moreover, it is heavily lobotomized to not give any controversial or edgy answers. This curtails usefulness of chatgpt.