It's pretty much done, although I don't think it will be anywhere near obsolete anytime soon. My friends don't really post on their Stories much. Celebrities, aside from some social media influencers, don't use it much.
I still keep some Snapstreaks going, but I don't really use Snapchat to communicate anymore.
Don't even remind me of the cringefest that my Stories were. I'm a changed man, I swear. ;(