Yeah, eventually. But until then many of our satellites would be trashed, billions upon billions of dollars in damages, if not trillions, and LEO is a horrible mess for probably 5 years in the best case, multiple decades at worst.

I don't think it's the end of the world though, because higher up orbits are fine and much harder to Kessler up. We could probably still fly through the cloud of debris with a reasonable chance of success if we spend a small enough amount of time in LEO - space is big - and make a place in MEO to do space stuff again