For consumers, yes, everything is slowing down to a crawl because we are a rounding error as far as nvidia amd and intel are concerned. Most people are just giving up on building a new PC and sticking with what they have, which means software and games will have to keep targeting the older hardware for longer.

Even console releases are slowing down, ps3 2006, ps4 2013 (7 years), ps5 2020 (7 years), but the ps6 isn't expected until 2028 or 2029.

To give you a slightly different answer, CPU advancement has kind of plateaued since 2020. There are a lot of fundamental physical limits that integrated circuit tech is running up against that can only be sidestepped or optimized against, not broken. This was all happening before the AI craze pulled resources away from trying to make non-AI architectural breakthroughs, which means jumps we actually care about like the Zen release are probably not on the near horizon either.

The end result is hardware generations being viable for "classic" workloads a lot longer even on the higher end. I'm expecting my current AM4 system (5800X3D and 7900 XTX) to last another decade if not longer. It may cease to be my main rig when a good AM6 option drops (probably 2028 to 2030), but that's more because I'm a bit of an upgrade addict than me being sensible.