Yes, but practical effects driven blockbusters are a thing of the past with the rare exception. The best outcome is a marriage of both practical effects and cgi, which is quite common. For example, making a small portion of a set and using cgi to expand it for more scope. Also, actors in suits for creatures, but with cgi augmentation for extra details or removing rigging. Actors and VFX artists benefit immensely from having something tangible on set, even if it's removed or manipulated with cgi later on. It's also important to notice the artistry that goes with cgi, for any given shot there are numerous stages and revisions to get it to cinema quality. It can be highly creative and very challenging work, we're still ages away from pressing a few buttons and then a computer craps out a video file.

Take a step back and revisit decades worth of practical effects driven films if you're disillusioned with the direction cinema is heading. I'm not too keen on cgi blockbusters myself, so I tend to seek out mostly older movies while watching new releases that are smaller in scope.