In a way, but not entirely. One way to look at it is that RAM is becoming more similar to what we thought of as cache and drive space is becoming more like RAM from a performance perspective, but each still has their roles.
UNIX operating systems like macOS have always done a good job of swapping parts of running software from RAM to disk extremely quickly so that only the most active processes are using valuable RAM. And cache inside the CPU does something similar with even smaller chunks of code.
In the days of spinning disks, swapping to disk was EXTREMELY costly in performance. We all remember pushing our old macs and hearing the disk go crazy and crunch away. As spinning disks turned into SSD, the penalty for swapping became WAY less. Now we are entering into a period that almost feels as big as the jump from spinning disk to SSD. These new SSDs are SO fast that they do indeed start to approach the realm of the performance of RAM (at least RAM from years ago).
But RAM has a much bigger pipeline to the CPU than disk. So even though swapping to the newest insanely fast SSD allows us to do a lot more with a lot less RAM, we still need RAM. Disk (SSD) is still too slow to not bottleneck the CPU; so we need that RAM to keep things zipping along at full speed.
At this point in time, each level of storage has different costs associated with it. On chip cache is the most expensive. RAM is the next most expensive, and SSD is the least expensive.
Over time, as our mastery of silicon (and maybe other materials) grows, we may get to the point that all these things start to converge. I do believe the excellent chip engineers at Apple see this future and are incrementally moving us toward this. There are likely many years to go, but the performance improvements are going to continue to be mind blowing.
If you are curious about bleeding edge computing design, take a look at this video. I’ve linked to the part of the video that talks about the new computing architecture they have designed. Things are changing rapidly; and many computers in 5 or 10 years may look nothing like what they do today.