Short answer: No.
Longer answer: Probably not.
Well, that said I can imagine some scenarios in which Enscape would be made redundant.
The realistic mode is pretty decent and the speed is amazing compared to the older alternatives. Kudos for that! Good job.
If the flight mode in perspective turns into a proper walk mode then I personally would not need Enscape. Why do I say that?
Clearly Enscape still does it's real-time rendering better than the realistic mode in Revit 2021. But what it is used for?
I don't know about you guys, but I and people I know use Enscape for immersion. You go inside the model you walk around you see errors easily. Also, a nice gimmick to quickly show the model to the client and change design (move some chairs) instantly.
People don't use Enscape to show or print graphics.
Lumion gives us far better quality, but it is a different category of software. For many people, Lumion is the sweet spot between realism, time and cost efficiency and ease of use.
However, I know many people exporting graphics from Revit. They put all the makeup Revit gives us - ambient shadows and lights, no edges, transparency. I can imagine this use case scenario becoming more common with the new realistic style. The biggest difference is how easy it is to work in it now. Just look at the video comparing two simple models.
In Revit 2020 rotating in realistic mode is already a pain in the neck. In 2021 it's buttery smooth.
What do you think?