No. Pro Tools editing and sample libraries have hit session players for sure, but at the same time a lack of income from record sales for the vast majority of artists has also hit recording budgets.But the change in session player earnings that @Whitten refers to is not because of the shift from recording earnings to live-gig earnings, it's because of the ubiquity of DAWs and realistic-sounding instrument samples.
Most musicians have home studios now, so I can still be hired to play drums on a singer's album without having to go to an expensive studio. But artists are expected to deliver finished albums, paid for out of their own money, then it's very hard to recoup those expenses. All the drummers I know who are recording are being paid less than they were 20-30 years ago.
Also, I was a member of bands - The Waterboys, Julian Cope etc. Album budgets are tiny now.
Also, credible, indie type artists don't want to use loops, or drum sample libraries, it doesn't suit their sound. Most sample libraries are aimed at big, mainstream rock drum sounds.
Yes, the industry has changed, but I'm out and about talking to all kinds of musicians all the time. There is no money to record what they want to record. everyone but the top 10% is earning zip from their record sales. Before Napster musician income came from two sources - records AND playing live. Now it's just ONE source. Nothing replaced income from records.
This is entirely because piracy created the space for streaming to move in, and streaming pays $0.004 to highly skilled people who live and breath their art.