Nah, it's been slowly dying for years but with some good driver battles at times distracting us from it intermittently.
The spread of Tilke dromes and changes to the technical regs over the years have softened the spectacle of the sport. KERS and DRS may be moving technology forward but not in any way that's exciting to the viewer. Those engines sound like shit and whether people want to admit it or not the sound of F1 is important.
Tyre management and (spit) fuel economy have become more and more fundamental aspects of the sport and drivers are spending less and less time at maximum performance. It's almost an endurance race at times.
That comes with the distance, it has always been something between a short race and an endurance race, with the threat of not making it to the finish and the need to manage the car's problems, whether it's brakes, tyres or turbo's in the 80's. Sometimes the technical rules of a certain year just work out wrong, but last year the tyres didn't fall off the cliff anymore and it was mainly the Mercedes that had trouble with tyre degradation when following a car closely. The worst of the Tilke tracks is also already over. That's the point, things go wrong but things always change in F1 and after that other things go wrong. In the early 2000's the BMW's could be steered around the circuit from the pit, in the late 80's cars drove the last laps at pedestrian pace or came to a standstill without any fuel lef, and those wereof course huge wrongs but got corrected a couple of years later.
Bernie et al have wrung as much money as they can out of it which leads to situations like Silverstone, the birthplace of F1, looking like having to drop out because the money is being hoarded elsewhere and they're losing millions every year. Spa and Monza are under threat as well, whereas instead we're watching processions at the likes of Abu Dhabi where nothing interesting will ever happen.
If you continue to ignore fans and bleed them dry eventually there will be nothing left.
Last year's Abu Dhabi was very exciting, Spa and Silverstone have known some very boring GP's. If you're not prepared to sit through a dull race you're missing out on the excitement of a great race, or a great few laps. That has always been the case with F1, I can't remember a season without at least 5 very dull races. I agree Bernie will try to bleed everyone dry, the fans, the circuits, the tv-stations, but he will backtrack before it collapses. It has always been a business, with other businesses like constructors and circuits taking part, and in the process it often looks a lot like a sport but it has never been a sport like normal sports that could do without the business.
F1 is not having a great couple of years right now, but I've seen it worse and I have seen it change always.