Will they also be the last generation to listen to radio now that TV has been invented and the last generation to drive cars now that airplanes have been invented?
OP overlooks a whole bunch of other needs that colleges fulfill. The interaction with other students, both in class and at home. The interaction with professors. The contacts made. The opportunities to explore many new things by virture of actually being there.
Technology is great. It moves us forward in many ways. But in many situations, nothing is a substitute for actually being there.