It will only die if Musk shuts it down or if something else becomes more popular that does the same thing. Twitter is different from Facebook or picture/video sites because it's mostly text. Tweets are public, and it lets regular people talk to celebrities, businesses, and experts. Is Mastodon or any other Twitter-like site doing something better to make people switch? The toxicity on Twitter might make some people leave, but it won’t kill it.
Look at MySpace vs. Facebook—Facebook won because of a few reasons. When it started, you needed a college email to join, which kept it for a younger crowd. Facebook was kind of like MySpace (friends, wall), but it felt safer because you couldn’t be anonymous. That’s one big reason why Facebook was seen as more credible than MySpace. What Facebook did better than MySpace or other older platforms was show all your friends’ posts on your wall as one stream of content that you could interact with. Plus, you could engage with other people's content too. Facebook officially beat MySpace when it opened up to everyone.
Compare that to Snapchat, which almost disappeared after Instagram added the story feature to their platform, which had more functions. Most Snapchat users were already on Instagram too. So, new doesn’t always beat old.