Yes. Obviously the high spec stuff won't be ported to Switch, as the current high spec stuff hasn't either with a few exceptions. A ton of Switch's third-party games are 7th Gen and older ports, as well as indies. Neither of those are technically demanding.
PS5 and Xbox Series X will affect the Switch, but I don't expect a huge Switch drop-off because of them. At least not right away.
Lifetime Sales Predictions
Switch: 156 million (was 73, then 96, then 113 million, then 125 million, then 144 million, then 151 million)
PS5: 115 million (was 105 million) Xbox Series S/X: 48 million (was 60 million, then 67 million, then 57 million)
PS4: 120 mil (was 100 then 130 million, then 122 million) Xbox One: 51 mil (was 50 then 55 mil)
3DS: 75.5 mil (was 73, then 77 million)
"Let go your earthly tether, enter the void, empty and become wind." - Guru Laghima